June 28, 2016

Final rules were adopted to implement the Washington Small Business Retirement Marketplace (SB 5826), which was signed into law May 18, 2015 by Gov. Inslee. The purpose of the new rules found in Chapter 365-65 of the Wash. Admin. Code is to define terms, establish eligibility guidelines, and make other provisions for the effective operation of the marketplace.

The Washington Small Business Retirement Marketplace will be a virtual marketplace operated by the Washington Department of Commerce to promote low-cost retirement savings vehicles to small businesses. Eligible employers include those with fewer than 100 qualified employees (employees eligible to participate in a retirement plan). The employer’s size is determined at the time its first employee enrolls in a plan through the marketplace.

Employers will have the choice of three plans: A target date or similar fund with asset allocations and maturities designed for an expected date of retirement, a balanced fund and the federal MyRA , which features only one investment option (a Treasury bond with relatively modest returns). The rules are effective June 23, 2016. The Small Business Marketplace will be established in 2017.

Wash. Admin. Code Chapter 365-65 »
SB 5826 »

SB 5826 »