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education and with a mission to generate a foundation of facts that 1 enriches the public dialog and supports sound decision making. This 2 research center will be responsible for the production of the study 3 to the department. The center shall not be reimbursed for costs nor 4 shall it receive or retain any of the funds. With the advice and 5 consent of the department, the center may select a research 6 institution, entity, or individual located in Washington state with 7 expertise and proficiency in demographic analysis, retirement 8 systems, or retirement planning to collaborate with on this study. 9 The appropriation may be used by the department to enter into a 10 contract with this partner entity for the partner entity's 11 contributions to the study. Any funds not provided to the partner 12 entity or otherwise unused shall be returned. 13 (b) The study must analyze current state and federal programs and 14 recent state and federal statutory and rule changes that encourage 15 citizens to save for retirement by participating in retirement 16 savings plans, including plans pursuant to sections 401(k), 403(b), 17 408, 408(a), 408(k), 408(p), and 457(b) of the internal revenue code. 18 The scope of the analysis must include: 19 (i) An examination of potential retirement savings options for 20 self-employed individuals, part-time employees, and full-time 21 employees whose employers do not offer a retirement savings plan; 22 (ii) Estimates of the impact on the state budget from shortfalls 23 in retirement savings or income, including on public budgets from 24 taxpayer-financed elderly assistance programs and a loss of economic 25 activity by seniors; 26 (iii) The level of interest by private sector Washington 27 employers in participating in an auto-IRA program; 28 (iv) A determination of how prepared financial institutions will 29 be to offer these plans in compliance with federal requirements on 30 all new retirement plans going into effect in 2025; 31 (v) Findings that clarify the gaps in retirement savings services 32 currently offered by financial institutions; 33 (vi) An examination of the impact of retirement savings on income 34 and wealth inequality; 35 (vii) An estimate of the costs to start up an auto-IRA program, 36 an estimate of the time for the program to reach self-sufficiency, 37 and potential funding options; 38 (viii) The experience of other states that have implemented or 39 are implementing a similar auto-IRA program for employers and 40 p. 106 ESSB 5187.SL