WA Saves
Another way politicians hope to pick your pocket.
What is WA SAVES?
The WA Saves Act is a new law in Washington State that forces most businesses without a retirement plan to sign up for a state-run plan. The goal is to help more workers save for retirement.
Employers are responsible for notifying employees of the program and providing information on enrollment options, investment selections, withdrawals, rollovers, and distributions. Employers are responsible for handling payroll deductions and all related administrative tasks.
Though qualified employers are required to offer the auto-IRA, they cannot contribute to IRAs through the Washington Saves program.
But as a business owner, you can skip the state plan by setting up your own retirement plan, like a 401(k). This gives you more control over the plan and can offer better benefits for yourself – and for your employees.
It’s important to act now. If you don’t, your business will be automatically enrolled in the state plan. Setting up your own plan can be simple, and it shows your employees you’re investing in their future.
The program will be launched by July 1, 2027.
Worst of all? This new state plan will likely STOP YOU FROM SAVING MONEY ON TAXES!
Use our FREE TAX CREDIT CALCULATOR to see how much setting up the right kind of plan could save you in taxes over the next FIVE YEARS!
How We Help
At Deep Creek Financial Planning, we understand the unique challenges Deer Park and Chewelah business owners face when navigating legislative changes like the WA Saves Act. Caleb works with you to evaluate the best course of action—whether that means adopting the state program or implementing your own tailored retirement plan.
- Customized Solutions: Caleb helps you assess whether a state plan or a private retirement plan like a 401(k) aligns better with your business goals and employee needs.
- Tax-Smart Strategies: Retirement plans offer significant tax advantages for both employers and employees. Caleb integrates these considerations into your broader financial plan to help maximize benefits.
- Compliance Made Simple: Caleb helps you understand the requirements of WA Saves, so you can confidently meet deadlines and avoid penalties.
- Strategic Financial Planning: Beyond compliance, Caleb helps you see the bigger picture—integrating retirement planning with tax, investment, and business planning strategies to help you live abundantly.
Take Action Today
The WA Saves Act is more than a mandate effecting businesses in Spokane and Stevens Counties—it’s an opportunity to build a retirement plan that works for YOU, your employees, and supports your business’s growth.
Schedule a free Discovery Call with Caleb Stapp at Deep Creek Financial Planning to explore your options and develop a strategy tailored to your business’s unique needs.
FAQs
The WA Saves Act is a law that requires businesses in Washington State without a retirement plan to join a state-run program. It’s designed to help more people save for retirement.
Only “covered employers” must comply with Washington Saves. A “covered employer” is an employer that:
- has been in business in Washington State for at least two (2) years;
- has a physical presence in the State as of the immediately preceding calendar year;
- does not offer a qualified retirement plan, such as a 401(a), 401(k), 403(b) plan, to their “covered employees” (employees who are at least age 18) who have been continuously employed for at least one year; and
- employs, and at any point during the immediately preceding calendar year employed, employees working a combined minimum of 10,400 hours (which translates to approximately 5 full-time or full-time equivalent employees.)
If you don’t set up a retirement plan by the deadline, your business will be automatically enrolled in WA Saves, and your employees will start saving through the state-run plan.
Doesn’t sound so bad? Setting up the wrong kind of plan could make you miss out on THOUSANDS of dollars in tax credits the Federal Government has made available to you through the SECURE 2.0 law several years ago.
Use our FREE TAX CREDIT CALCULATOR to see how much setting up the right kind of plan could save you in taxes over the next FIVE YEARS!
A 401(k) is one of the most flexible retirement plans (there are quite a few options) and allows business owners to save significant amounts of money on taxes while helping attract and retain great employees. A 401(k) should be specifically designed for each company to maximize its usefulness to the business owner and help them achieve their goals.
Really? You think our state government is going to design something that truly helps you as a business owner?
Don’t you remember WA CARES? The nightmare of a payroll tax designed to help with rising long-term care costs but being so ineffective and broken they had to do emergency reforms before they could even implement it?
Ok, politics aside: when you set up your own plan, like a 401(k), you have more control over how it works. You can offer better features to your employees and make sure that you’re saving money on taxes each year as well.
Yes and no.
Yes, it comes with a new language and you’re going to have to learn enough to implement it well.
And no: there are lots of providers who make setting up a retirement plan simple. You can choose from different options, and a financial advisor like me will help you pick the best plan for your business.
Schedule a Discovery Call to learn about how I help business owners like you. If we’re a good fit to work together I can walk you through the process and help you set it up before the state deadline.
Resources
estimate your tax savings
The Feds have already created a number of Tax Credits to help you start a new 401(k).
You might be better off getting your own plan.
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How We've Prepared To Help You
In an era where financial planning is crucial to both individual and business success, Caleb Stapp has achieved a notable milestone by earning the Certified Plan Fiduciary Advisor (CPFA) credential. This prestigious certification, awarded by the National Association of Plan Advisors (NAPA), positions Caleb Stapp as the sole CPFA-certified advisor in the Deer Park & Chewelah communities…
