Mayor Burgess Delivers Seattle Retirement Savings Plan Legislation to Council
Mayor
"In
"This is a pro-business, pro-economic stability, pro-growth, and pro-worker idea. I look forward to working with the
Workers whose employers do not offer a retirement savings plan would be automatically enrolled in a retirement plan. They would be able to opt out of the plan at any time, determine how much of their paycheck will be deposited in their personal Individual Retirement Account (IRA), and choose how their funds will be invested. These IRAs would be portable so that if an employee moves to another job, they would take their IRA with them.
If adopted by the
All eligible employees would be provided with an IRA that is funded through a payroll deduction set at a default contribution rate at an expected 3 percent to 5 percent of pay. At any time, workers could choose to contribute less, more, or to opt out entirely. Their retirement savings plans would grow through continued contributions and investment performance. Mayor Burgess included
An estimated 200,000
If approved by Council, the Seattle Retirement Savings Plan is expected to begin enrollment on
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