WA
Washington House Bill HB2437

Washington 2023-2024 Regular Session

Washington House Bill HB2437

Introduced
1/19/24  
Refer
1/19/24  
Report Pass
1/30/24  

Caption

Incentivizing retirement savings options for Washington businesses and their employees.

Impact

The introduction of HB 2437 is expected to amend existing state laws governing retirement savings. By providing businesses with incentives, such as tax advantages or subsidies, to offer retirement savings plans, the bill is designed to improve overall financial security for employees. The legislation aligns with broader efforts to reduce reliance on state-funded social programs in the future, ensuring that workers have sufficient resources during retirement.

Summary

House Bill 2437 aims to promote and incentivize retirement savings options for businesses and their employees in Washington state. The bill seeks to establish a framework that enables employers to facilitate retirement savings plans, potentially making it easier for employees to save for their retirement. By enhancing access to retirement savings options, the bill reflects a growing concern over the adequacy of retirement savings among workers in the state.

Sentiment

The sentiment surrounding HB 2437 appears to be largely positive among legislators and advocacy groups focused on financial literacy and protecting the interests of workers. Supporters argue that the bill addresses an important gap in the financial planning landscape, particularly for lower-income workers who may lack access to employer-sponsored retirement plans. Conversely, there may be concerns from some small business owners about the potential costs of implementing these programs and their impact on business operations.

Contention

While there is considerable support for the overall objectives of HB 2437, points of contention arise regarding the specifics of the incentives proposed within the bill. Some lawmakers and stakeholders have debated what types of incentives would be most effective and sustainable in encouraging businesses to participate. Additionally, there are discussions about the potential administrative burdens placed on small businesses that may already face resource constraints, raising questions about how the legislation can accommodate their capacity.

Latest HB2437 Activity

Companion Bills

No companion bills found.

Previously Filed As

WA HB2244

Improving retirement security for Washingtonians by establishing Washington saves, an automatic enrollment individual retirement savings account program, and updating the Washington retirement marketplace statute.

WA SB6069

Revised for Engrossed: Improving private Washington workforce retirement security standards by establishing Washington saves, an automatic enrollment individual retirement savings account program, and updating the Washington retirement marketplace statute.Revised for 1st Substitute: Improving retirement security for Washingtonians by establishing Washington saves, an automatic enrollment individual retirement savings account program, and updating the Washington retirement marketplace statute.Original: Improving retirement security for Washingtonians by establishing Washington saves, an automatic enrollment individual retirement savings account program, and updating the Washington retirement marketplace statute.

WA HB1632

Evaluating retirement options for Washington consumers.

WA HR4632

Supporting Washingtonians with developmental disabilities.

WA HB1320

Modifying business and occupation tax rates to fund programs and services to benefit Washingtonians.

WA SB5361

Incentivizing cities and counties to increase employment of commissioned law enforcement officers.

WA SB5285

Incentivizing cities and counties to increase employment of commissioned law enforcement officers.

WA HB1436

Incentivizing cities and counties to increase employment of commissioned law enforcement officers.

WA HB1446

Incentivizing cities and counties to increase employment of commissioned law enforcement officers.

WA HB1747

Expanding protections for applicants and employees under the Washington fair chance act.

Similar Bills

No similar bills found.