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Senate Bill 5616 would rename Washington Saves Administrative Treasury Trust account; staff report suggests no fiscal impact
Summary
A brief staff briefing explained that Senate Bill 5616 renames the Washington Saves Administrative Treasury Trust account to the Washington Saves Administrative Trust account; both the Department of Financial Institutions and the State Treasurer estimate no fiscal impact and no public testimony was recorded.
The committee received a short staff briefing on Senate Bill 5616, a Department of Financial Institutions request to amend the name of an existing account for the Washington Saves automatic enrollment retirement program.
Why it matters: Washington Saves is the state‑facilitated automatic‑enrollment individual retirement savings program established in 2024. The bill would change the account name from the Washington Saves Administrative Treasury Trust account to the Washington Saves Administrative Trust account. The Department of Financial Institutions and the Office of the State Treasurer both reported no fiscal impact from the name change.
There were no public testifiers signed in for SB 5616 in the hearing record. Committee staff concluded the briefing with no further questions recorded on the transcript.
