Washington Saves is a simple, no-fee way to help your employees save for retirement through automatic payroll deductions into an IRA.
Which Employers are Required to Participate?
State law requires employers to join if they:
- Have operated in Washington for 2-years or more,
- Have a physical presence in the State of Washington,
- Employ workers for 10,400+ hours/year, or more (roughly equivalent to 5 full-time employees), and
- Do not currently offer a qualified retirement plan.
How Employers Participate
- Register
Enroll your business when Washington Saves opens - Share Program Info
Provide key details to employees - Facilitate Enrollment
Ensure eligible employees are enrolled - Manage Payroll Deductions
Process contributions via payroll
How Employees Participate
- Automatic Enrollment
Employees who are 18 or older will be enrolled automatically, but can opt out (and back in) at any time. - Flexible Contributions
Employees can use the default savings rate, or choose a rate that is right for them. - Portable and Accessible
Accounts follow employees if they switch jobs, and they can access their money when needed (subject to IRS rules).
View Informational Flyer for more details.