New Retirement Plan Marketplace Launched

OLYMPIA, WA -- The Washington State Department of Commerce has launched the new Retirement Marketplace, a one-stop, easy-to-use website that helps individuals and owners of small businesses comparison shop for retirement savings plans.

Plans listed on the Marketplace meet stringent criteria established by the Washington State Legislature, including low-cost investment options for individuals at an annual fee of 1% of less. Plans have no administrative fees to employers, a significant value for small businesses.

“Employers that offer a retirement savings plan benefit are more competitive in recruiting and retaining the best employees,” said Commerce Director Lisa Brown. “The Retirement Marketplace removes barriers and allows easy access to retirement savings plans for business owners and workers.

"When people are better prepared to live comfortably in retirement, it strengthens communities and local economies.”

Studies show that people with a retirement savings plan at work are 15 times more likely to save than those who do not, but only about half of workers in Washington have access to a plan through their employer.

In addition to bolstering their benefit package, businesses can also lower their tax burden by making deductible employer contributions to employee accounts. An individual’s account balance is charged no more than 1% in total annual fees, or $10 a year for a $1,000 balance.