WA People
BILL · 2005–06 SESSION · LATEST VERSION SHB 1570

HB 1570: Voluntary accounts program

Creating the Washington voluntary accounts program.

Summary

  • Creates the Washington Voluntary Account Program (Program). Private employers and the Department of Retirement Systems (DRS) are required to provide non-governmental employees the opportunity to participate in retirement plans called "individual retirement accounts."
  • Requires the DRS to administer the individual retirement accounts and the State Investment Board to invest the money in the Program.
  • Delays any activities associated with the Program until the Director of the DRS determines that sufficient funds have been deposited to proceed with plan design and tax qualification.
  • Requires that an appropriation in the operating budget specifically permit the implementation of the program, and specifies that after six years of operation, if the Program has not reached a self-supporting level, the Director shall recommend a method of terminating the Program.

From the House Bill Report (HB 1570), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · died in committee
  1. IntroducedJan 28, 2005
  2. Out of committeeMar 1, 2005
  3. Passed Housestopped here
  4. Passed Senate
  5. Governor
  6. Law
Prime sponsor
Jim McIntire (D-46)
Introduced
January 28, 2005 in the House
Last action
January 9, 2006
Budget
Has a fiscal note
Versions
HB 1570, SHB 1570

AN ACT Relating to creating the Washington voluntary accounts program;

Sponsors

Prime sponsor: Jim McIntire (D-46)

4 co-sponsors (3 Democrats, 1 Republican)

Geoff Simpson D-47Fred Jarrett R-41Bill Fromhold D-49Hans Dunshee D-44

Votes

No recorded floor votes. This measure never reached a floor vote.

History

  1. By resolution, reintroduced and retained in present status. (SHB 1570)
  2. Rules Committee relieved of further consideration. (SHB 1570)
  3. Referred to Appropriations. (SHB 1570)
  4. By resolution, reintroduced and retained in present status.
  5. Referred to Appropriations.
  6. Rules Committee relieved of further consideration.
  7. Passed to Rules Committee for second reading. (SHB 1570)
  8. Passed to Rules Committee for second reading.
  9. APP - Majority; 1st substitute bill be substituted, do pass. (SHB 1570)
  10. Minority; do not pass. (SHB 1570)
  11. Minority; do not pass.
  12. APP - Majority; 1st substitute bill be substituted, do pass.
  13. APP - Executive action taken by committee.
  14. First reading, referred to Appropriations.

HB 1570 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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