Bill > HB1477

This bill makes technical amendments to the Washington Saves program, primarily focusing on renaming the "Washington saves administrative treasury account" to the "Washington saves administrative trust account" throughout the existing law. The bill clarifies definitions related to the program, including terms like "covered employer" (which refers to businesses that have been operating in Washington for at least two years, maintain a physical presence, do not offer a qualified retirement plan, and employ workers for a minimum of 10,400 combined hours). The bill also ensures that the administrative account can receive grants, gifts, and other moneys for administrative purposes, and specifies that the account is exempt from standard state budgeting appropriation and allotment processes. Additionally, the bill includes provisions for the investment income from the account and sets expiration and effective dates for certain sections, with Section 3 expiring on July 1, 2030, and Section 4 taking effect on the same date. The changes appear to be mostly technical in nature, aimed at refining the administrative structure of the Washington Saves program, which is designed to help employees save for retirement.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1477&Year=2025&Initiative=false