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WashingtonSB 56162025-2026 Regular SessionSenateWALLET

Concerning the Washington saves administrative trust account.

Sponsored By: Bob Hasegawa (Democratic)

Became Law

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

Funding setup for Washington Saves program

The law creates a Washington Saves administrative trust account held by the state treasurer. Only the program director or a designee can approve spending, and the money can pay only program administrative and operating costs. The account can take grants and gifts, keeps any interest it earns, and is not subject to normal state budget approvals. The account also gets its share of monthly state investment earnings until July 1, 2030. The state must begin administrative support for the program’s governing board by July 1, 2027. A later section of this law takes effect on July 1, 2030.

Which employers must join Washington Saves

An employer counts as a covered employer only if all are true. It has been in business in Washington for at least two years and has a physical presence here. It does not offer a qualified retirement plan to employees with one year of continuous service. Its workers together logged at least 10,400 hours in the last calendar year. Covered employers must follow Washington Saves rules, and their employees may get payroll-deducted IRAs through the program.

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Sponsors & Cosponsors

Sponsor

  • Bob Hasegawa

    Democratic • Senate

Cosponsors

  • Derek Stanford

    Democratic • Senate

  • T'wina Nobles

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 141 • No: 3

House vote • 4/14/2025

3rd Reading & Final Passage

Yes: 94 • No: 2 • Other: 2

Senate vote • 3/11/2025

3rd Reading & Final Passage

Yes: 47 • No: 1 • Other: 1

Actions Timeline

  1. Chapter 190, 2025 Laws.

    4/30/2025Senate

  2. Governor signed.

    4/30/2025legislature

  3. Effective date 7/27/2025*.

    4/30/2025Senate

  4. Delivered to Governor.

    4/22/2025legislature

  5. Speaker signed.

    4/18/2025legislature

  6. President signed.

    4/18/2025legislature

  7. Third reading, passed; yeas, 94; nays, 2; absent, 0; excused, 2.

    4/14/2025Senate

  8. Rules suspended. Placed on Third Reading.

    4/14/2025Senate

  9. Rules Committee relieved of further consideration. Placed on second reading.

    4/10/2025Senate

  10. Referred to Rules 2 Review.

    3/27/2025Senate

  11. APP - Executive action taken by committee.

    3/24/2025Senate

  12. APP - Majority; do pass.

    3/24/2025Senate

  13. First reading, referred to Appropriations.

    3/13/2025Senate

  14. Third reading, passed; yeas, 47; nays, 1; absent, 0; excused, 1.

    3/11/2025Senate

  15. Rules suspended. Placed on Third Reading.

    3/11/2025Senate

  16. Placed on second reading by Rules Committee.

    3/7/2025Senate

  17. Passed to Rules Committee for second reading.

    2/28/2025Senate

  18. WM - Majority; do pass.

    2/28/2025Senate

  19. First reading, referred to Ways & Means.

    1/31/2025Senate

  20. Introduced

    1/31/2025Senate

Bill Text

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