Washington State will launch the “Washington Saves” program on July 1, 2027. The program will automatically enroll employees who do not have an employer-sponsored retirement plan into an Individual Retirement Account (IRA), with a default contribution rate of 3% to 7%. Established by the 2024 legislature, the program aims to help employees who do not have access to retirement benefits such as 401(k) plans build retirement savings. Employees may choose between a traditional IRA and a Roth IRA; withdrawals from a Roth IRA are generally tax-free and do not count toward taxable income for Social Security benefits, thereby preventing Social Security benefits from being taxed. In addition, eligible low- and middle-income savers may receive up to $1,000 in federal matching funds annually. Currently, the Washington State Administrative Board has not yet finalized the account options and default types.