Retirement security legislative update: February 25, 2015

Photo credit: Simon Cunningham/Flickr Creative Commons

Photo credit: Simon Cunningham/Flickr Creative Commons

Half of U.S. workers do not have access to a retirement plan at work other than Social Security. We must continue to fight in Congress to strengthen that fundamental program, but other forms of retirement savings will remain important for long-term economic security, especially as our population ages. The modern workforce is highly mobile among jobs, making portability key.

Building on our 2015 Legislative Agenda, EOI has set out the following policy goal for 2015:

Establish a state-administered retirement savings plan for workers in small businesses. The Washington Small Business Retirement Marketplace will enable small businesses and their workers for whom the current private sector options are too complex and pricey, to begin retirement savings.

Progress: Senate Bill 5826 (Creating the Washington small business retirement marketplace, sponsored by Sen. Mullet) was heard by the Senate Committee on Financial Institutions and Insurance and passed out of committee in mid-February. The bill has been referred to the Senate Ways and Means Committee. Companion legislation in the House (House Bill 2109, sponsored by Rep. Springer) was heard by the House Appropriations Committee in late February.

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