WA People
BILL · 2019–20 SESSION · LATEST VERSION 2E2SSB 5740

SB 5740: Retirement savings program

Creating the secure choice retirement savings program.

Summary

  • Changes the name of the Washington Small Business Retirement Marketplace to the Secure Choice Retirement Savings Program (Program).
  • Requires the Director of the Department of Commerce to approve plans for inclusion in the Program that are completely voluntary and plans that have auto-enrollment and auto-escalation features.
  • Allows participating financial services firms to charge participating employers reasonable, market-based fees.

From the Second Engrossed Second Substitute House Bill Report (2E2SSB 5740), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed Senate, stalled in House
  1. IntroducedJan 30, 2019
  2. Out of committeeMar 1, 2019
  3. Passed SenateMar 8, 2019
  4. Passed Housestopped here
  5. Governor
  6. Law
Prime sponsor
Mark Mullet (D-5)
Introduced
January 30, 2019 in the Senate
Last action
March 12, 2020
Budget
Has a fiscal note
Versions
SB 5740, SSB 5740, 2E2SSB 5740

AN ACT Relating to creating the secure choice retirement savings program;

Sponsors

Prime sponsor: Mark Mullet (D-5)

3 co-sponsors (3 Democrats, 0 Republicans)

Steve Hobbs D-44Steve Conway D-29Kevin Van De Wege D-24

Votes

Senate · 3rd Reading & Final Passage

Passed March 8, 2019
Version voted on: 2E2SSB 5740
31 Yea 17 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat28100
Republican31601
How each member voted

Excused (1)

Permalink to this vote

Senate · 3rd Reading & Final Passage

Passed January 17, 2020
Version voted on: 2E2SSB 5740
26 Yea 20 Nay 0 Absent 3 Excused
PartyYeaNayAbsentExcused
Democrat25202
Republican11801
How each member voted

Excused (3)

Permalink to this vote

History

  1. Returned to Senate Rules 3. (2E2SSB 5740)
  2. Referred to Appropriations. (2E2SSB 5740)
  3. CPB - Majority; do pass with amendment(s). (2E2SSB 5740)
  4. First reading, referred to Consumer Protection & Business. (2E2SSB 5740)
  5. Third reading, passed; yeas, 26; nays, 20; absent, 0; excused, 3. (2E2SSB 5740)
  6. Rules suspended. Placed on Third Reading. (2E2SSB 5740)
  7. Floor amendment(s) adopted. (2E2SSB 5740)
  8. Returned to second reading for amendment. (2E2SSB 5740)
  9. Placed on third reading by Rules Committee. (2E2SSB 5740)
  10. By resolution, reintroduced and retained in present status. (2E2SSB 5740)
  11. By resolution, returned to Senate Rules Committee for third reading. (2E2SSB 5740)
  12. Referred to Rules 2 Consideration. (2E2SSB 5740)
  13. Rules Committee relieved of further consideration. Placed on second reading. (2E2SSB 5740)
  14. Referred to Rules 2 Review. (2E2SSB 5740)
  15. Minority; without recommendation. (2E2SSB 5740)
  16. Minority; do not pass. (2E2SSB 5740)
  17. APP - Majority; do pass with amendment(s) but without amendment(s) by Consumer Protection & Business. (2E2SSB 5740)
  18. Referred to Appropriations. (2E2SSB 5740)
  19. Minority; do not pass. (2E2SSB 5740)
  20. CPB - Majority; do pass with amendment(s). (2E2SSB 5740)
  21. First reading, referred to Consumer Protection & Business. (2E2SSB 5740)
  22. Third reading, passed; yeas, 31; nays, 17; absent, 0; excused, 1. (2E2SSB 5740)
  23. Rules suspended. Placed on Third Reading. (2E2SSB 5740)
  24. Floor amendment(s) adopted. (2E2SSB 5740)
  25. 2nd substitute bill substituted. (2E2SSB 5740)
  26. 2nd substitute bill substituted. (SSB 5740)
  27. 2nd substitute bill substituted.
  28. Placed on second reading by Rules Committee. (2E2SSB 5740)
  29. Placed on second reading by Rules Committee. (SSB 5740)
  30. Placed on second reading by Rules Committee.
  31. Minority; do not pass. (2E2SSB 5740)
  32. WM - Majority; 2nd substitute bill be substituted, do pass. (2E2SSB 5740)
  33. Passed to Rules Committee for second reading. (2E2SSB 5740)
  34. Passed to Rules Committee for second reading. (SSB 5740)
  35. WM - Majority; 2nd substitute bill be substituted, do pass. (SSB 5740)
  36. Minority; do not pass. (SSB 5740)
  37. Minority; do not pass.
  38. WM - Majority; 2nd substitute bill be substituted, do pass.
  39. Passed to Rules Committee for second reading.
  40. Referred to Ways & Means. (SSB 5740)
  41. Referred to Ways & Means.
  42. FIET - Majority; 1st substitute bill be substituted, do pass. (SSB 5740)
  43. And refer to Ways & Means. (SSB 5740)
  44. Minority; do not pass. (SSB 5740)
  45. Minority; do not pass.
  46. And refer to Ways & Means.
  47. FIET - Majority; 1st substitute bill be substituted, do pass.
  48. First reading, referred to Financial Institutions, Economic Development & Trade.

SB 5740 in other sessions

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

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