Retirement is possible!
Sadly, many small businesses and workers don’t have access to retirement plans because of their cost and complexity.
Worse, as we age, saving enough to live comfortably in retirement becomes more difficult because there is only so much time left for savings to grow.
The Washington State Legislature created the Small Business Retirement Marketplace to address these issues. The Retirement Marketplace is a website where people can comparison shop for state-verified, low-cost retirement savings plans.
Each retirement plan listed on the Retirement Marketplace:
- Must first be verified and approved by Washington State officials at the Department of Financial Institutions and/or the Office of the Insurance Commissioner to ensure it complies with Retirement Marketplace requirements.
- Cannot charge administrative fees to employers.
- Cannot charge enrollees more than 1% in total annual administrative fees.
- Must go through an annual renewal process to ensure the plan and provider remain in good standing.
Participation in the Retirement Marketplace is entirely voluntary for both employers and employees. Enrollment takes place with the private retirement plan provider.
The Washington State Department of Commerce administers the Retirement Marketplace. The state does not collect personally identifiable information from site users. The statute and rules governing the Small Business Retirement Marketplace program are: RCW 43.330.735 and WAC 365-65.
For more information click here.