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House passes Rep. Springer's retirement savings bill
Rep. Larry Springer
Following a heated debate the Washington State House passed the Save Towards a Retirement bill sponsored by Rep. Larry Springer on Friday.
“We have a crisis on our hands," said Springer, on the House floor. "Three out of every four Washingtonians is expected to outlive their retirement savings. And for every worker who runs out of savings, that is one more grandparent living in poverty. Every dollar we spend on housing and food support for older adults is one less dollar we can spend on education and public safety.”
If passed, the bill will create a voluntary, retirement savings account for small business owners and their employees, operated by the Washington State Investment Board. Employers are not required to contribute; there is no minimum contribution for employees, and the account is portable, meaning if employees change jobs, they can keep their savings.
“I am a small business owner,” said Springer. “I would love to offer a retirement savings plan to my employees but I cannot afford the start-up and maintenance costs or the time commitment. STaRT is a commonsense solution about opportunity - the opportunity for all of us to save, regardless of whether we work for Google or a small grocery store and whether we can contribute $20 a month or $200.”
According to the Small Business Majority, two-thirds of small business owners in Washington support this bill. It now heads to the Senate for consideration.