Washington creates Auto IRA program

Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Contact

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Washington Governor Jay Inslee signed into law, Washington Saves, a state auto-IRA program, to provide coverage for private sector employees.

The program will launch by January 1, 2027.

Washington Saves will be an automatic-enrollment individual retirement account program. Covered participants will make retirement contributions to an IRA through payroll deduction from their pay, similar to a 401(k) plan.

The program will enroll workers at a default contribution rate of between 3% and 7% of wages. Covered Washington employers under this plan are businesses located in Washington for at least two years where employees work a combined minimum of 10,400 hours during the previous calendar year that do not already offer a retirement plan.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

© Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Written by:

Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Contact
more
less

PUBLISH YOUR CONTENT ON JD SUPRA NOW

  • Increased visibility
  • Actionable analytics
  • Ongoing guidance

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide