Bill > SB5616

This bill makes technical amendments to the Washington Saves program, primarily changing references from "Washington saves administrative treasury account" to "Washington saves administrative trust account" across multiple sections of state law. The bill updates definitions in RCW 19.05.010 related to the Washington Saves program, which is a state-facilitated retirement savings program for employees of certain businesses that do not offer their own retirement plans. The bill modifies the administrative account provisions to clarify its purpose, which is to support the program's administrative and operating expenses. Additionally, the bill ensures that the account can receive grants and other moneys, and that any interest earned will be retained within the account. The changes are largely technical in nature, focusing on precise language and terminology, and do not fundamentally alter the structure or operation of the Washington Saves program. The bill includes provisions for an expiration date of July 1, 2030, and specifies an effective date of the same date for certain sections.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=5616&Year=2025&Initiative=false