FOR IMMEDIATE RELEASE FROM
THE WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS & WASHINGTON SAVES
Thursday, July 3, 2025
CONTACT:
Jonathan Herrera, Program Manager, Washington Saves
PH 360-902-8784, wasaves@dfi.wa.gov
WA Saves Governing Board Begins Work on Retirement Savings Program for Workers Without Job-Based Plans
Board conducts first meeting, reviews upcoming tasks, sets meeting schedule
Olympia, WA – Washington Saves (WA Saves) conducted its first Governing Board meeting on Monday, June 30 to begin building a new state-facilitated retirement savings program for workers who don’t have access to a plan at work. The Washington State Department of Financial Institutions (DFI) hosted the meeting and will provide administrative support to the Board through the program’s launch.
State Representative Kristine Reeves (D-Federal Way) led the opening meeting, as required by state law. The Board elected Rep. Reeves and State Representative Hunter Abell (R-Inchelium) as co-chairs. Members also reviewed upcoming tasks and set a schedule for future meetings.
The 15-member Board includes state lawmakers, public officials, financial experts, business and worker advocates and community leaders. The Governor appoints nine members, each serving a three-year term.
Senate Bill 6069, passed during the 2024 legislative session, created the program and established the Board. WA Saves aims to expand access to retirement savings across the state and to support small businesses by offering a program with no employer fees or fiduciary liability. Some employers will be required to participate if they meet specific criteria, including not offering a qualified retirement plan.
WA Saves is expected to be available in 2027. The program will help workers save for retirement through automatic payroll deductions into a professionally managed IRA (Individual Retirement Account). It is designed to be simple and portable - especially for people who work for small businesses, are self-employed, or have multiple part-time jobs.
To learn more or sign up for updates, visit www.wasaves.com. Employer groups and community-facing organizations interested in partnering on outreach are encouraged to contact the program at wasaves@dfi.wa.gov.
###
About Washington Saves ▪ www.wasaves.com
Washington Saves is a state-facilitated retirement program, created by legislation passed in 2024, to expand access to workplace savings tools. The program enables workers to save through automatic payroll deductions into an individual retirement account (IRA). Employee participation is voluntary, accounts are portable, and there are no employer fees or fiduciary responsibilities. Certain employers will be required to facilitate access for their employees if they meet specific criteria, including not offering a qualified retirement plan. The program is overseen by a public Board, with administrative support provided by the Washington State Department of Financial Institutions.
About DFI ▪ www.dfi.wa.gov ▪ 360-902-8700 ▪ 877-RINGDFI (746-4334)
The Washington State Department of Financial Institutions regulates a variety of financial service providers. The department also promotes financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education.