An effort to make retirement savings available to more Washington workers is moving forward as its July 2027 launch date approaches.

The Washington Saves Governing Board has formally begun its search for a firm to administer its planned individual retirement accounts as well as someone to provide investment management services.

Bidders were scheduled to have their proposals to Washington Saves by Oct. 9.

The board is also seeking information from other state retirement systems with similar offerings that Washington Saves could potentially partner with.

“Responses will help the board better understand possible approaches to partnership governance and operations as it evaluates options for implementing Washington Saves,” the agency said in a release.

An estimated 1.2 million Washingtonians currently do not have access to retirement savings opportunities, according to a report from Washington Saves.

Washington Saves was established by the Legislature during the 2024 session. Its purpose is to provide retirement savings options to those working for an employer, such as a small business, that does not offer any retirement benefits.

Participants will contribute to an IRA via automatic payroll contributions.

The program is overseen by a 15-member board, with representatives appointed by state lawmakers and governor’s office, as well as those from agencies such as the Department of Labor and Industries or sectors such as the securities industry. The state Department of Financial Institutions provides administrative support.

“The Legislature set an ambitious but achievable launch date of July 2027, and we are pleased to report that Washington Saves is on track to meet that goal,” said Washington Saves’ latest report to the Legislature.

Go to: wasaves.wa.gov.