RCW 43.330.735
Washington small business retirement marketplace.
(1) The Washington small business retirement marketplace is created.
(2) Prior to connecting any eligible employer with an approved plan in the marketplace, the director shall design a plan for the operation of the marketplace.
(3) The director shall consult with the Washington state department of retirement systems, the Washington state investment board, and the department of financial institutions in designing and managing the marketplace.
(4) The director shall approve for participation in the marketplace all private sector financial services firms that meet the requirements of *RCW 43.330.732(7).
(5) A range of investment options must be provided to meet the needs of investors with various levels of risk tolerance and various ages. The director must approve a diverse array of private retirement plan options that are available to employers on a voluntary basis, including but not limited to life insurance plans that are designed for retirement purposes, and plans for eligible employer participation such as: (a) A SIMPLE IRA-type plan that provides for employer contributions to participating enrollee accounts; and (b) a payroll deduction individual retirement account type plan or workplace-based individual retirement accounts open to all workers in which the employer does not contribute to the employees' account.
(6)(a) Prior to approving a plan to be offered on the marketplace, the department must receive verification from the department of financial institutions or the office of the insurance commissioner:
(i) That the private sector financial services firm offering the plan meets the requirements of *RCW 43.330.732(7); and
(ii) That the plan meets the requirements of this section excluding subsection (9) of this section which is subject to federal laws and regulations.
(b) If the plan includes either life insurance or annuity products, or both, the office of the insurance commissioner may request that the department of financial institutions conduct the plan review as provided in (a)(ii) of this subsection prior to submitting its verification to the department.
(c) The director may remove approved plans that no longer meet the requirements of this chapter.
(7) The financial services firms participating in the marketplace must offer a minimum of two product options: (a) A target date or other similar fund, with asset allocations and maturities designed to coincide with the expected date of retirement and (b) a balanced fund. The marketplace must offer myRA.
(8) In order for the marketplace to operate, there must be at least two approved plans on the marketplace; however, nothing in this subsection shall be construed to limit the number of private sector financial services firms with approved plans from participating in the marketplace.
(9) Approved plans must meet federal law or regulation for internal revenue service approved retirement plans.
(10) The approved plans must include the option for enrollees to roll pretax contributions into a different individual retirement account or another eligible retirement plan after ceasing participation in a plan approved by the Washington small business retirement marketplace.
(11) Financial services firms selected by the department to offer approved plans on the marketplace may not charge the participating employer an administrative fee and may not charge enrollees more than one hundred basis points in total annual fees and must provide information about their product's historical investment performance. Financial services firms may charge enrollees a de minimis fee for new and/or low balance accounts in amounts negotiated and agreed upon by the department and financial services firms. The director shall limit plans to those with total fees the director considers reasonable based on all the facts and circumstances.
(12) Participation in the Washington small business retirement marketplace is voluntary for both eligible employers and qualified employees.
(13) Enrollment in any approved plan offered in the marketplace is not an entitlement.
[ 2017 c 69 § 1; 2015 c 296 § 3.]
NOTES:
*Reviser's note: RCW 43.330.732(7) defines "private sector financial firms" and "financial services firms."
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.