Amendments to Washington Small Business Retirement Marketplace

Industry: 
Securities
Rulemaking Status: 
Adopted
Effective Date: 
11/17/2017

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 adopted amendments to the Washington Small Business Retirement Marketplace rules in Chapter 208-710 WAC to incorporate recent legislative updates. The Rule-Making Order (Form CR-103) and the text of the Final Rules are available below. The 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.

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: http://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.