Notice of Public Hearing of Substitute Senate Bill 5740

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SSB 5740, titled AN ACT Relating to creating the secure choice retirement savings program, has been scheduled for a public hearing by the Senate Committee on Ways & Means.

Date and Time: 02/27/2019 1:30PM (Subject to change by the Legislature.)
Location: J.A. Cherberg Building, Senate Hearing Rm 4, Olympia, WA

The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.

Ten-year projection:

Fiscal Year		NEW
2020		0
2021		0
2022		0
2023		187,825
2024		750,289
2025		1,386,074
2026		2,003,174
2027		2,601,379
2028		3,180,990
2029		3,742,281
Total:		$ 13,852,012

Section 3 defines a covered employer as an employer that has either been in business for at least 2 years and has no current retirement plan (per the IRS code) or an employer who elects to be a covered employer. The employer must also be engaged in business in the state and employ one or more individuals in the state.

Section 3 also defines a covered employee as any individual who is 21 or older and who is employed by a covered employer.

Section 6 provides guidelines for the enforcement of penalties on covered employers.

Section 9 adds collecting penalties from covered employers to our existing audit functions.  As of June 30, 2021 a covered employer who does not allow employees to participate in the program must pay a penalty of $250, if they are given notice.  The $250 penalty is due between day 1 and day 180 after the notice has been given. If they are still non-compliant after an additional 180 days, they would be subject to an additional penalty of $500.

This substitute version of the bill eliminates any responsibilities for the Department of Revenue.

The bill takes effect 90 days after final adjournment of the session in which it is enacted.

This legislation results in no revenue impact to taxes administered by the Department of Revenue.

The substitute bill was proposed by:

Senate Committee on Financial Institutions, Economic Development & Trade



The original bill sponsors and contact information are:

Senator Mark Mullet, Prime Sponsor
Democrat
(360) 786-7608
Mark.Mullet@leg.wa.gov

Senator Steve Hobbs
Democrat
(360) 786-7686
Steve.Hobbs@leg.wa.gov

Senator Steve Conway
Democrat
(360) 786-7656
Steve.Conway@leg.wa.gov

Senator Kevin Van De Wege
Democrat
(360) 786-7646
Kevin.VanDeWege@leg.wa.gov


Senate Committee on Ways & Means members and contact information:

Senator Barbara Bailey
Republican
(360) 786-7618
Barbara.Bailey@leg.wa.gov

Senator Randi Becker
Republican
(360) 786-7602
Randi.Becker@leg.wa.gov

Senator Andy Billig
Democrat
(360) 786-7604
Andy.Billig@leg.wa.gov

Senator John Braun
Republican
(360) 786-7638
John.Braun@leg.wa.gov

Senator Sharon Brown
Republican
(360) 786-7614
Sharon.Brown@leg.wa.gov

Senator Reuven Carlyle
Democrat
(360) 786-7670
Reuven.Carlyle@leg.wa.gov

Senator Steve Conway
Democrat
(360) 786-7656
Steve.Conway@leg.wa.gov

Senator Jeannie Darneille
Democrat
(360) 786-7652
DARNEILL_JE@leg.wa.gov

Senator David Frockt
Democrat
(360) 786-7690
David.Frockt@leg.wa.gov

Senator Bob Hasegawa
Democrat
(360) 786-7616
Bob.Hasegawa@leg.wa.gov

Senator Jim Honeyford
Republican
(360) 786-7684
Jim.Honeyford@leg.wa.gov

Senator Sam Hunt
Democrat
(360) 786-7642
Sam.Hunt@leg.wa.gov

Senator Karen Keiser
Democrat
(360) 786-7664
Karen.Keiser@leg.wa.gov

Senator Marko Liias
Democrat
(360) 786-7640
Marko.Liias@leg.wa.gov

Senator Mark Mullet
Democrat
(360) 786-7608
Mark.Mullet@leg.wa.gov

Senator Guy Palumbo
Democrat
(360) 786-7600
Guy.Palumbo@leg.wa.gov

Senator Jamie Pedersen
Democrat
(360) 786-7628
Jamie.Pedersen@leg.wa.gov

Senator Ann Rivers
Republican
(360) 786-7634
Ann.Rivers@leg.wa.gov

Senator Christine Rolfes
Democrat
(360) 786-7644
Christine.Rolfes@leg.wa.gov

Senator Mark Schoesler
Republican
(360) 786-7620
Mark.Schoesler@leg.wa.gov

Senator Kevin Van De Wege
Democrat
(360) 786-7646
Kevin.VanDeWege@leg.wa.gov

Senator Keith Wagoner
Republican
(360) 786-7676
Keith.Wagoner@leg.wa.gov

Senator Judy Warnick
Republican
(360) 786-7624
Judith.Warnick@leg.wa.gov

Senator Lynda Wilson
Republican
(360) 786-7632
Lynda.Wilson@leg.wa.gov



Legislative Bill Information Website: http://apps.leg.wa.gov/billinfo/

Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp