Notice of Committee Passage of Engrossed Second Substitute Senate Bill 5740

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E2SSB 5740, titled AN ACT Relating to creating the secure choice retirement savings program, has been passed by the House Committee on Consumer Protection & Business. 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

 

Note:  This fiscal note reflects language in E2SSB 5740, 2019 Legislative Session.

The changes in this version of the legislation strike Sec. 9 in its entirety, which removes compliance duties from the bill.

This legislation creates the secure choice retirement saving program. This program is automatic for all employees 18 years old or older. However, employees may opt out of the program without penalty.

Section 3 defines a covered employer as an employer that has either been in business for at least 5 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 five or more individuals in the state.

Section 6 provides guidelines for covered employers.

This version of the bill has no impact 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 following legislators voted do pass:

Representative Sharon Tomiko Santos
Democrat
(360) 786-7944
SharonTomiko.Santos@leg.wa.gov

Representative Steve Kirby
Democrat
(360) 786-7996
Steve.Kirby@leg.wa.gov

Representative Brian Blake
Democrat
(360) 786-7870
Brian.Blake@leg.wa.gov

Representative Cindy Ryu
Democrat
(360) 786-7880
Cindy.Ryu@leg.wa.gov

Representative Derek Stanford
Democrat
(360) 786-7928
Derek.Stanford@leg.wa.gov

Representative Kristine Reeves
Democrat
(360) 786-7830
Kristine.Reeves@leg.wa.gov

Representative Amy Walen
Democrat
(360) 786-7848
WALEN_AM@leg.wa.gov


The following legislators voted do not pass:

Representative Brandon Vick
Republican
(360) 786-7850
Brandon.Vick@leg.wa.gov

Representative Andrew Barkis
Republican
(360) 786-7824
Andrew.Barkis@leg.wa.gov

Representative Mike Volz
Republican
(360) 786-7922
Mike.Volz@leg.wa.gov

Representative Jeremie Dufault
Republican
(360) 786-7874
DUFAULT_JE@leg.wa.gov

Representative Larry Hoff
Republican
(360) 786-7812
HOFF_LA@leg.wa.gov

Representative Alex Ybarra
Republican
(360) 786-7808
YBARRA_AL@leg.wa.gov


Not voting:

Representative Steve Bergquist
Democrat
(360) 786-7862
Steve.Bergquist@leg.wa.gov

Representative Gina Mosbrucker
Republican
(360) 786-7856
Gina.Mosbrucker@leg.wa.gov

Representative Bill Jenkin
Republican
(360) 786-7836
Bill.Jenkin@leg.wa.gov

Representative Jim Walsh
Republican
(360) 786-7806
Jim.Walsh@leg.wa.gov



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

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