Small businesses would be able to offer no-cost savings plans to help employees at small businesses save for retirement, and high school students will be taught the basics of financial literacy, as a result of the two top-priority bills by Sen. Mark Mullet, D-Issaquah, that passed the Legislature this session.
Senate Bill 5826, which passed the Senate today and will now be sent to the governor to be signed into law, will make simple, affordable retirement savings plans run entirely by the private sector available through small businesses at no cost to the employer and minimal cost to the employee.
SB 5202, which passed last week and also awaits the governor’s signature, will require that all high schools offer financial literacy for their students. The curriculum would cover basics such as how to manage a checkbook, how savings compound and provide financial security, and so forth.
“Each of these bills addresses critical needs I have heard from many of the employees at my small businesses,” Mullet said. “These programs will help workers who are early in their careers make better financial decisions, which can set them up to purchase homes and save for retirement down the road.”