Rulemaking Status:
Open
Rulemaking Subject/About:
The Washington Saves Governing Board (“Governing Board”) filed a CR-101, marking the first step in the Washington Saves Rulemaking process. The Governing Board is considering adopting rules to implement Washington Saves, Chapter 19.05 RCW. Washington Saves is a voluntary retirement savings program that enables workers without a workplace plan to save in an IRA through automatic payroll contributions.
Under Chapter 19.05 RCW, certain employers that meet specified criteria—including being in business for at least two years, maintaining a physical presence in Washington, and meeting a minimum employee hours threshold—will be required to facilitate the program for their employees if they do not offer a qualified retirement plan. The adoption of rules will help interpret these statutory requirements and support the successful development and operation of the program.
Next Steps:
Once the Governing Board drafts rules, it will formally propose the rules in a Notice of Proposed Rule-Making (CR-102). The CR-102 will include a deadline for comments and set a public hearing date. If you have comments at this time, however, you may submit them to jill.vallely@dfi.wa.gov
Rulemaking Documents: