RCW 43.330.730
Finding—2015 c 296.
The legislature finds that there is a retirement savings access gap in Washington; that Americans reach the median salary four years later than they did in 1980 and therefore have four fewer years of savings opportunities; and that one in six Americans retire in poverty. Employees who are unable to effectively build their retirement savings risk living on low incomes in their elderly years and are more likely to become dependent on state services. Further, small businesses, which employ more than forty percent of private sector employees in Washington, often choose not to offer retirement plans to employees due to concerns about costs, administrative burdens, and potential liability that they believe such plans would place on their business. In response, the legislature recognizes the work of the federal government in addressing these issues by establishing the myRA program: A safe, affordable, and accessible retirement vehicle designed to remove barriers to retirement savings. In addition, the legislature recognizes that many private financial services firms in Washington currently offer high quality retirement options for small businesses and their employees.
The Washington small business retirement marketplace will remove barriers to entry into the retirement market for small businesses by educating small employers on plan availability and promoting, without mandated participation, qualified, low-cost, low-burden retirement savings vehicles and myRA. The marketplace furthers greater retirement plan access for the residents of Washington while ensuring that individuals participating in these retirement plans will have all the protections offered by the employee retirement income security act. Further, the Washington small business retirement marketplace will not pose any significant financial burden upon taxpayers. The Washington small business retirement marketplace will be the best way for Washington to close the retirement savings access gap, protect the fiscal stability of the state and its citizens well into the future, and further cement its place as a national leader in retirement and investor promotion and protection. The marketplace will educate and promote retirement saving among employees and in particular market to small employers with fifty or fewer employees.
[ 2015 c 296 § 1.]
Structure Revised Code of Washington
Title 43 - State Government—Executive
Chapter 43.330 - Department of Commerce.
43.330.007 - Management responsibility.
43.330.020 - Department created.
43.330.030 - Director—Appointment—Salary.
43.330.040 - Director powers and duties.
43.330.050 - Community and economic development responsibilities.
43.330.060 - Trade and business responsibilities.
43.330.065 - Identification of countries of strategic importance for international trade relations.
43.330.068 - International companies investing in Washington—Eligibility for excise tax incentives.
43.330.070 - Local development capacity—Training and technical assistance.
43.330.075 - Local government regulation and policy handouts—Technical assistance.
43.330.084 - Washington state quality award—Reimbursement of application fee.
43.330.086 - Contracts with associate development organizations—Schedule of awards.
43.330.094 - Tourism development and promotion account—Promotion of tourism industry.
43.330.100 - Local infrastructure and public facilities—Grants and loans.
43.330.110 - Housing—Energy assistance.
43.330.120 - Growth management.
43.330.125 - Assistance to counties and cities.
43.330.135 - Court-appointed special advocate programs—Funds—Eligibility.
43.330.150 - Fees—Conferences, workshops, training.
43.330.152 - Fees—Service and product delivery areas.
43.330.155 - Community and economic development fee account.
43.330.156 - Fees—Adoption by rule.
43.330.167 - Washington youth and families fund.
43.330.170 - Statewide housing market analysis.
43.330.181 - Office of apple health and homes—Responsibilities.
43.330.184 - Apple health and homes account.
43.330.187 - Rapid permanent supportive housing acquisition and development program.
43.330.190 - Reimbursement of extraordinary criminal justice costs.
43.330.270 - Innovation partnership zone program.
43.330.300 - Financial fraud and identity theft crimes investigation and prosecution program.
43.330.310 - Comprehensive green economy jobs growth initiative—Establishment.
43.330.330 - Funding energy efficiency improvements—Risk reduction mechanisms—Legislative intent.
43.330.340 - Appliance efficiency rebate program.
43.330.360 - Findings—Involvement of state bond authorities in financing energy efficiency projects.
43.330.365 - Electric vehicle incentive account.
43.330.370 - Evergreen jobs initiative.
43.330.409 - Broadband mapping, deployment, and adoption—Reports.
43.330.412 - Community technology opportunity program—Administration—Grant program.
43.330.421 - Advisory group on digital inclusion and technology planning.
43.330.425 - Advisory committee on permanent supportive housing.
43.330.430 - Developmental disabilities endowment—Definitions.
43.330.431 - Developmental disabilities endowment—Trust fund.
43.330.434 - Developmental disabilities endowment—Endowment principles.
43.330.435 - Developmental disabilities endowment—Development of operating plan—Elements.
43.330.436 - Developmental disabilities endowment—Program implementation and administration.
43.330.437 - Developmental disabilities endowment—Rules.
43.330.440 - Multijurisdictional regulatory streamlining projects—Establishment—Reports.
43.330.460 - Washington achieving a better life experience program—Definitions.
43.330.462 - Washington achieving a better life experience program account.
43.330.468 - Washington achieving a better life experience program—Governing board authority.
43.330.480 - Low-income home rehabilitation revolving loan program—Definitions.
43.330.482 - Low-income home rehabilitation revolving loan program.
43.330.488 - Low-income home rehabilitation revolving loan program—Account.
43.330.500 - Life sciences discovery fund.
43.330.502 - Life sciences discovery fund—Grants and contracts by department.
43.330.504 - Life sciences discovery fund—Department powers.
43.330.506 - Life sciences discovery fund—Limitation of liability.
43.330.510 - Keep Washington working statewide work group.
43.330.520 - Military installation incompatible development—Project list—Report.
43.330.530 - Broadband office—Definitions.
43.330.532 - Broadband office—Established—Purpose.
43.330.534 - Broadband office—Powers and duties.
43.330.536 - Broadband office—Goals.
43.330.538 - Broadband office—Reports.
43.330.539 - Broadband office—Digital equity plan.
43.330.5393 - Digital equity planning grant program.
43.330.5395 - Digital equity forum.
43.330.540 - Cannabis social equity technical assistance grant program.
43.330.542 - Environmental justice obligations of the department of commerce.
43.330.545 - Community engagement grants—Law enforcement.
43.330.550 - Employer-supported child care—Technical assistance.
43.330.560 - Office of renewable fuels—Definitions.
43.330.565 - Office of renewable fuels—Established.
43.330.570 - Office of renewable fuels—Duties.
43.330.575 - Renewable fuels accelerator account.
43.330.700 - Findings—Homeless youth.
43.330.702 - Homeless youth—Definitions.
43.330.705 - Homeless youth—Office of homeless youth prevention and protection programs.
43.330.706 - Homeless youth—Data and outcomes measures—Report.
43.330.715 - Homeless youth—Training program.
43.330.717 - Homeless youth—Review of state-funded programs.
43.330.723 - Youth and young adults exiting publicly funded system of care—Flexible funding.
43.330.725 - Youth and young adults exiting publicly funded system of care—System of care grants.
43.330.730 - Finding—2015 c 296.
43.330.735 - Washington small business retirement marketplace.
43.330.740 - Payment of marketplace expenses—Use of private and federal funding.
43.330.745 - Incentive payments.
43.330.750 - Rules—Rule development process.
43.330.760 - Intent—2021 c 64.
43.330.762 - Manufacturing—Goals and strategies—Reports—Manufacturing council.
43.330.765 - Manufacturing—Regional strategies—Grants.
43.330.767 - Manufacturing cluster acceleration account.
43.330.770 - Manufacturing—Workforce innovation sector lead—Reports.
43.330.772 - Subject to appropriation.
43.330.900 - References to director and department.
43.330.902 - Effective date—1993 c 280.
43.330.9021 - Effective date—1994 c 5.