Washington HB1270 mandates automatic enrollment of eligible employees in a deferred compensation plan unless they opt out.

Washington HB1270 establishes automatic enrollment for eligible employees in a deferred compensation plan, unless they choose to opt out. The plan allows employees to defer a portion of their income, which is then invested according to options provided by the state investment board. The law also requires the state to offer a Roth option in the deferred compensation plan and mandates that unit values for commingled funds be declared monthly. The deferred income remains taxable for state or local retirement and pension benefits.

Washington HB1270 mandates automatic enrollment of eligible employees in a deferred compensation plan unless they opt out.

Washington HB1270 establishes automatic enrollment for eligible employees in a deferred compensation plan, unless they choose to opt out. The plan allows employees to defer a portion of their income, which is then invested according to options provided by the state investment board. The law also requires the state to offer a Roth option in the deferred compensation plan and mandates that unit values for commingled funds be declared monthly. The deferred income remains taxable for state or local retirement and pension benefits.