Washington Saves is a new state-facilitated retirement savings program scheduled to open in July 2027. Certain employers will be required by law to make the program available to their employees if they don’t already offer a qualified retirement plan. See how the mandate could apply to your business by visiting www.wasaves.com.
Washington Saves will give workers a simple way to save for retirement through their paycheck. The program will be easy for employers; simply register, update employees, and set up payroll contributions. Washington Saves takes care of the rest!
What employers should know:
No program fees, employer contributions, or fiduciary liability for employers
A private financial company professionally manages investments, with oversight from a public Governing Board
Employees control their own accounts and can opt out anytime
Who is required to facilitate Washington Saves?
State law requires employers to register and facilitate access to Washington Saves if they meet the following criteria:
Have operated in Washington for two or more years
Have a physical presence in Washington
Employed a combined minimum of 10,400 employee hours in the previous calendar year (approximately equivalent to five full-time employees)
Do not offer a qualified retirement plan
What is a qualified retirement plan?
Qualified retirement plans include:
401(a) – Qualified Pension Plans (including profit-sharing plans and defined benefit plans)
401(k) plans (including multiple employer plans or pooled employer plans)
403(a) - Qualified Annuity Plan
403(b) - Tax-Sheltered Annuity Plan
408(k) - Simplified Employee Pension (SEP) plans
408(p) - Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA Plan
What are employers required to do?
Program details are still in development, but qualifying businesses will be required to facilitate employee access to Washington Saves when the program opens in July 2027. The Washington Saves Governing Board will develop deadlines for compliance. Employers will register, upload a roster of eligible employees (18+), and set up payroll contributions for employees who don’t opt out.
Employer responsibilities include:
Register by the state-required deadline and set up an account
Submit and maintain an employee roster
Distribute program information to employees
Submit employee contributions for each pay period
Employers will not:
Incur any program fees
Have any fiduciary liability
Be allowed to make an employer contribution
Why the state created Washington Saves
More than 1.2 million Washington workers do not have a way to save for retirement through their jobs. Washington Saves provides employees with access to their own portable Individual Retirement Account (IRA) funded through automatic payroll contributions.
Whether employers offer a private retirement plan or facilitate Washington Saves, having a retirement savings option supports employee retention and helps employees build long-term financial security.
Learn more about Washington Saves
More details will be available as the program develops and gets closer to opening in July 2027.
To stay connected:
Visit www.wasaves.com for information and resources.
Subscribe to the email list for program updates.
Email questions or suggestions to info@wasaves.wa.gov.
