Washington Voluntary Retirement Accounts

Making It Easy To Save For Retirement

The proposal for Washington Voluntary Retirement Accounts (WVRAs), HB 1893 and SB 5791, offers an easy mechanism for individuals to save for retirement.

WVRAs directly address the importance of a retirement program for about half of all workers who do not have a retirement savings plan in their workplace. Washington Voluntary Retirement Accounts enable individuals to invest in their future through a portable, voluntary, defined-contribution plan. The Washington State Legislature has the opportunity to establish WVRA in 2009.

The Economic Opportunity Institute (EOI) supports Social Security as the foundation of economic security for retirees. However, the Institute recognizes that it is important for individuals to supplement Social Security through a systematic retirement savings program. Although many workers have access to a retirement plan in their workplace, about half of all workers do not. To address the importance of saving for retirement, EOI proposes Washington Voluntary Retirement Accounts.

What Are Washington Voluntary Retirement Accounts?

Washington Voluntary Retirement Accounts give workers the chance to participate in a defined-contribution retirement savings plan at their workplace. The program will have a pre-selected menu of investment options, and is designed to be administered by the Washington State Department of Retirement Systems with investing done by the State Investment Board. It is portable and voluntary.

WVRAs give workers the convenience of payroll deductions and provide small businesses and their individual workers the economies of scale now only available to the largest investors. They increase the number of investors and the savings rate, building economic security for families and strengthening the state’s economy.

  • Leave a Reply

Your email address will not be published. Required fields are marked *

More To Read

February 15, 2023

Podcast: Getting to Lower Health Care Costs in Washington

EOI's Sam Hatzenbeler joins Washington's Indivisible Podcast to discuss our state's health care costs crisis and what the legislature can do to solve it

February 10, 2023

Thirty years of FMLA, how many more till we pass paid leave for all?

The U.S. is overdue for a federal paid leave policy

January 25, 2023

Top 5 Fixes for High Health Care Prices

High health care costs are driving Washington workers and families over the edge