WA People
BILL · 2015–16 SESSION · LATEST VERSION ESSB 5435

SB 5435: Optional salary deferral

Expanding participation in the Washington state deferred compensation program. (REVISED FOR ENGROSSED: Addressing optional salary deferral programs. )

Summary

  • Enrolls all new state employees eligible to participate in the deferred compensation plan beginning January 1, 2017, at a 3 percent of pay contribution amount, unless they affirmatively elect not to participate.
  • Permits local governments participating in the Department of Retirement Systems (DRS) deferred compensation plans to offer a similar opt-out feature beginning January 1, 2017.
  • Authorizes the DRS to offer a money-purchase retirement savings plan.
  • Provides the Washington State Investment Board with the authority to invest the money in the money-purchase retirement savings account.

From the Engrossed Substitute House Bill Report (ESSB 5435), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 112, Laws of 2016
  1. IntroducedJan 21, 2015
  2. Out of committeeFeb 25, 2015
  3. Passed SenateFeb 5, 2016
  4. Passed HouseMar 4, 2016
  5. GovernorMar 31, 2016
  6. LawMar 31, 2016
Prime sponsor
Barbara Bailey (R-10)
Introduced
January 21, 2015 in the Senate
Last action
March 31, 2016
Session law
Chapter 112, Laws of 2016
Budget
Has a fiscal note
Versions
SB 5435, ESSB 5435

AN ACT Relating to expanding participation in the Washington state deferred compensation program;

Sponsors

Prime sponsor: Barbara Bailey (R-10)

1 co-sponsor (0 Democrats, 1 Republican)

Mark Schoesler R-9

Votes

Senate · 3rd Reading & Final Passage

Passed February 5, 2016
Version voted on: ESSB 5435
49 Yea 0 Nay 0 Absent 0 Excused
PartyYeaNayAbsentExcused
Democrat24000
Republican25000
How each member voted

Yea (49)

Permalink to this vote

House · Final Passage as Amended by the House

Passed March 4, 2016
Version voted on: ESSB 5435
94 Yea 3 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat50000
Republican44301
How each member voted

Yea (94)

Nay (3)

Excused (1)

Permalink to this vote

Senate · Final Passage as Amended by the House

Passed March 8, 2016
Version voted on: ESSB 5435
49 Yea 0 Nay 0 Absent 0 Excused
PartyYeaNayAbsentExcused
Democrat24000
Republican25000
How each member voted

Yea (49)

Permalink to this vote

History

  1. Effective date 6/9/2016. (ESSB 5435)
  2. Chapter 112, 2016 Laws. (ESSB 5435)
  3. Governor signed. (ESSB 5435)
  4. Delivered to Governor. (ESSB 5435)
  5. Speaker signed. (ESSB 5435)
  6. President signed. (ESSB 5435)
  7. Passed final passage; yeas, 49; nays, 0; absent, 0; excused, 0. (ESSB 5435)
  8. Senate concurred in House amendments. (ESSB 5435)
  9. Third reading, passed; yeas, 94; nays, 3; absent, 0; excused, 1. (ESSB 5435)
  10. Rules suspended. Placed on Third Reading. (ESSB 5435)
  11. Floor amendment(s) adopted. (ESSB 5435)
  12. Committee amendment not adopted. (ESSB 5435)
  13. Placed on second reading by Rules Committee. (ESSB 5435)
  14. Referred to Rules 2 Review. (ESSB 5435)
  15. Minority; without recommendation. (ESSB 5435)
  16. Minority; do not pass. (ESSB 5435)
  17. APP - Majority; do pass with amendment(s). (ESSB 5435)
  18. First reading, referred to Appropriations (Not Officially read and referred until adoption of Introduction report). (ESSB 5435)
  19. Third reading, passed; yeas, 49; nays, 0; absent, 0; excused, 0. (ESSB 5435)
  20. Rules suspended. Placed on Third Reading. (ESSB 5435)
  21. Floor amendment(s) adopted. (ESSB 5435)
  22. 1st substitute bill substituted. (ESSB 5435)
  23. 1st substitute bill substituted.
  24. Placed on second reading by Rules Committee. (ESSB 5435)
  25. Placed on second reading by Rules Committee.
  26. Moved to Rules White Sheet. (ESSB 5435)
  27. Moved to Rules White Sheet.
  28. By resolution, reintroduced and retained in present status. (ESSB 5435)
  29. By resolution, reintroduced and retained in present status.
  30. By resolution, reintroduced and retained in present status. (ESSB 5435)
  31. By resolution, reintroduced and retained in present status.
  32. By resolution, reintroduced and retained in present status. (ESSB 5435)
  33. By resolution, reintroduced and retained in present status.
  34. By resolution, reintroduced and retained in present status. (ESSB 5435)
  35. By resolution, reintroduced and retained in present status.
  36. Senate Rules "X" file. (ESSB 5435)
  37. Senate Rules "X" file.
  38. Placed on second reading by Rules Committee. (ESSB 5435)
  39. Placed on second reading by Rules Committee.
  40. Passed to Rules Committee for second reading. (ESSB 5435)
  41. Passed to Rules Committee for second reading.
  42. WM - Majority; 1st substitute bill be substituted, do pass. (ESSB 5435)
  43. Minority; without recommendation. (ESSB 5435)
  44. Minority; without recommendation.
  45. WM - Majority; 1st substitute bill be substituted, do pass.
  46. First reading, referred to Ways & Means.

SB 5435 in other sessions

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

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