Amendments to Washington Small Business Retirement Marketplace

Industry: 
Securities
Rulemaking Status: 
Open

The Washington Small Business Retirement Marketplace (codified at RCW 43.330.730 through RCW 43.330.750, and RCW 43.320.180) is a virtual marketplace where qualified financial services firms will offer low-cost retirement savings plans to small businesses, sole proprietors, and self-employed individuals. The Marketplace is operated by the Washington Department of Commerce, but the Department of Financial Institutions is responsible for verifying that the retirement plans that apply to be listed on the Marketplace meet the requirements set forth in the statute.

The Department of Financial Institutions has proposed amendments to the Washington Small Business Retirement Marketplace rules in Chapter 208-710 WAC to incorporate recent legislative updates. The Notice of Proposed Rule Making (Form CR-102) and the text of the Proposed Rules are available below. The proposed amendments make provisions for certain de minimis fees for new and/or low balance accounts. In addition, the amendments clarify the application procedure for firms applying for verification.

If you have any comments on the proposed amendments, you may submit them as specified in the Form CR-102. The Department of Financial Institutions will hold a hearing on the proposed rules on August 9, 2017 at 11:00 a.m. at our office in Tumwater, Washington.

Please note that the Washington Department of Commerce will be proposing amendments to its rules in a separate rulemaking. For more information, please visit the Department of Commerce website: www.commerce.wa.gov/growing-the-economy/business-services/small-business-retirement-marketplace/.

If you have any questions regarding the rulemaking, please contact Jill Vallely by telephone at (360) 902-8801 or by e-mail at jill.vallely@dfi.wa.gov.