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 Appropriations. 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 Pat Sullivan
Democrat
(360) 786-7858
Pat.Sullivan@leg.wa.gov

Representative Eileen Cody
Democrat
(360) 786-7978
Eileen.Cody@leg.wa.gov

Representative Zack Hudgins
Democrat
(360) 786-7956
Zack.Hudgins@leg.wa.gov

Representative Eric Pettigrew
Democrat
(360) 786-7838
Eric.Pettigrew@leg.wa.gov

Representative Timm Ormsby
Democrat
(360) 786-7946
Timm.Ormsby@leg.wa.gov

Representative Larry Springer
Democrat
(360) 786-7822
Larry.Springer@leg.wa.gov

Representative Joe Fitzgibbon
Democrat
(360) 786-7952
Joe.Fitzgibbon@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 Steve Tharinger
Democrat
(360) 786-7904
Steve.Tharinger@leg.wa.gov

Representative Laurie Jinkins
Democrat
(360) 786-7930
Laurie.Jinkins@leg.wa.gov

Representative Drew Hansen
Democrat
(360) 786-7842
Drew.Hansen@leg.wa.gov

Representative Gerry Pollet
Democrat
(360) 786-7886
Gerry.Pollet@leg.wa.gov

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

Representative Gael Tarleton
Democrat
(360) 786-7860
Gael.Tarleton@leg.wa.gov

Representative Tana Senn
Democrat
(360) 786-7894
Tana.Senn@leg.wa.gov

Representative June Robinson
Democrat
(360) 786-7864
June.Robinson@leg.wa.gov

Representative Laurie Dolan
Democrat
(360) 786-7940
Laurie.Dolan@leg.wa.gov

Representative Nicole Macri
Democrat
(360) 786-7826
Nicole.Macri@leg.wa.gov


The following legislators voted to refer the bill without recommendation:

Representative Drew Stokesbary
Republican
(360) 786-7846
Drew.Stokesbary@leg.wa.gov


The following legislators voted do not pass:

Representative Bruce Chandler
Republican
(360) 786-7960
Bruce.Chandler@leg.wa.gov

Representative Mike Steele
Republican
(360) 786-7832
mike.steele@leg.wa.gov

Representative Joe Schmick
Republican
(360) 786-7844
Joe.Schmick@leg.wa.gov

Representative Drew MacEwen
Republican
(360) 786-7902
Drew.MacEwen@leg.wa.gov

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

Representative Michelle Caldier
Republican
(360) 786-7802
Michelle.Caldier@leg.wa.gov

Representative Skyler Rude
Republican
(360) 786-7828
RUDE_SK@leg.wa.gov

Representative Mary Dye
Republican
(360) 786-7942
Mary.Dye@leg.wa.gov

Representative Vicki Kraft
Republican
(360) 786-7994
Vicki.Kraft@leg.wa.gov

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

Representative Robert Sutherland
Republican
(360) 786-7967
SUTHERLA_RO@leg.wa.gov

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


Not voting:

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

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



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

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