Washington Saves: New Retirement Savings Requirements
Dear Clients,
We wanted to make our Washington business clients aware of an upcoming retirement savings program that may affect employers beginning in 2027. Washington Saves is expected to begin July 1, 2027.
What is Washington Saves and who may be affected?
The program generally applies to Washington employers that:
- Have been operating in Washington for at least two years;
- Maintain a physical presence in Washington;
- Do not offer a qualifying retirement plan; and
- Had employees work at least 10,400 combined hours during the prior year (about five full-time employees).
Employers that already offer a qualifying retirement plan generally will not be required to participate.
For covered employers, responsibilities will include registration, employee enrollment, payroll withholding, timely remittance, and required notices. Employers cannot contribute or match employee contributions.
For more information about the program and requirements, please visit:
https://www.wasaves.com/employers
Employer Planning Point
Employers should begin preparing for possible payroll updates, employee communications, remittance procedures, and recordkeeping.
If you have questions about whether Washington Saves may apply to your business or would like assistance preparing the new requirements, please do not hesitate to contact us.
Warm regards,
ALISA NA CPAs & Advisors
