WA People
BILL · 2017–18 SESSION · LATEST VERSION SSB 5675

SB 5675: Retirement marketplace reqs.

Addressing the minimum operating requirements and the review of plans necessary to be included in the small business retirement marketplace.

Summary

  • Allows financial services firms to charge enrollees a de minimis fee for new and low balance accounts in amounts negotiated and agreed upon by the Department of Commerce.
  • Changes the plan verification process to allow the Office of the Insurance Commissioner to request the Department of Financial Institutions to review whether a life insurance or annuity plan's license is in good standing.

From the Substitute House Bill Report (SSB 5675), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 69, Laws of 2017
  1. IntroducedFeb 2, 2017
  2. Out of committeeFeb 16, 2017
  3. Passed SenateFeb 27, 2017
  4. Passed HouseApr 6, 2017
  5. GovernorApr 19, 2017
  6. LawApr 19, 2017
Prime sponsor
Mark Mullet (D-5)
Introduced
February 2, 2017 in the Senate
Last action
April 19, 2017
Session law
Chapter 69, Laws of 2017
Companion bill
HB 1966
Versions
SB 5675, SSB 5675

AN ACT Relating to the minimum operating requirements and the review of plans necessary to be included in the small business retirement marketplace;

Sponsors

Prime sponsor: Mark Mullet (D-5)

1 co-sponsor (0 Democrats, 1 Republican)

Jan Angel R-26

Votes

Senate · 3rd Reading & Final Passage

Passed February 27, 2017
Version voted on: SSB 5675
44 Yea 5 Nay 0 Absent 0 Excused
PartyYeaNayAbsentExcused
Democrat23200
Republican21300
How each member voted
Permalink to this vote

House · Final Passage

Passed April 6, 2017
Version voted on: SSB 5675
73 Yea 22 Nay 0 Absent 3 Excused
PartyYeaNayAbsentExcused
Democrat50000
Republican232203
How each member voted

Yea (73)

Excused (3)

Permalink to this vote

History

  1. Effective date 7/23/2017. (SSB 5675)
  2. Chapter 69, 2017 Laws. (SSB 5675)
  3. Governor signed. (SSB 5675)
  4. Delivered to Governor. (SSB 5675)
  5. Speaker signed. (SSB 5675)
  6. President signed. (SSB 5675)
  7. Third reading, passed; yeas, 73; nays, 22; absent, 0; excused, 3. (SSB 5675)
  8. Rules suspended. Placed on Third Reading. (SSB 5675)
  9. Placed on second reading by Rules Committee. (SSB 5675)
  10. Referred to Rules 2 Review. (SSB 5675)
  11. BFS - Majority; do pass. (SSB 5675)
  12. First reading, referred to Business & Financial Services (Not Officially read and referred until adoption of Introduction report). (SSB 5675)
  13. Third reading, passed; yeas, 44; nays, 5; absent, 0; excused, 0. (SSB 5675)
  14. Rules suspended. Placed on Third Reading. (SSB 5675)
  15. 1st substitute bill substituted. (SSB 5675)
  16. 1st substitute bill substituted.
  17. Placed on second reading by Rules Committee. (SSB 5675)
  18. Placed on second reading by Rules Committee.
  19. On motion, referred to Rules Green Sheet for second reading. (SSB 5675)
  20. On motion, referred to Rules Green Sheet for second reading.
  21. Passed to Rules Committee for second reading. (SSB 5675)
  22. Passed to Rules Committee for second reading.
  23. FI - Majority; 1st substitute bill be substituted, do pass. (SSB 5675)
  24. FI - Majority; 1st substitute bill be substituted, do pass.
  25. First reading, referred to Financial Institutions & Insurance.

SB 5675 in other sessions

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

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