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 […]
RCW 43.330.732 Definitions. The definitions in this section apply throughout this subchapter unless the context clearly requires otherwise. (1) “Approved plans” means retirement plans offered by private sector financial services firms that meet the requirements of this chapter to participate in the marketplace. (2) “Balanced fund” means a mutual fund that has an investment mandate […]
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, […]
RCW 43.330.737 Private sector contractor’s duties—Director’s duties—Rollovers—Rules—Participation of private sector financial services firms. (1) The director shall contract with a private sector entity to: (a) Establish a protocol for reviewing and approving the qualifications of all private sector financial services firms that meet the qualifications to participate in the marketplace; (b) Design and operate an […]
RCW 43.330.740 Payment of marketplace expenses—Use of private and federal funding. In addition to any appropriated funds, the director may use private funding sources, including private foundation grants, to pay for marketplace expenses. On behalf of the marketplace, the department shall seek federal and private grants and is authorized to accept any funds awarded to […]
RCW 43.330.742 Federal employment retirement income act liability—Prohibition on state-based retirement plan for nonstate employees. The department shall not expose the state of Washington as an employer or through administration of the marketplace to any potential liability under the federal employee retirement income [security] act of 1974. As such, the department is specifically prohibited from […]
RCW 43.330.745 Incentive payments. Using funds specifically appropriated for this purpose, and funds provided by private foundations or other private sector entities, the director may provide incentive payments to participating employers that enroll in the marketplace. [ 2015 c 296 § 7.]
RCW 43.330.747 Effectiveness and efficiency of the Washington small business retirement marketplace—Biennial report. The director shall report biennially to the legislature on the effectiveness and efficiency of the Washington small business retirement marketplace, including the levels of enrollment and the retirement savings levels of participating enrollees that are obtained in aggregate on a voluntary basis […]
RCW 43.330.750 Rules—Rule development process. The director shall adopt rules necessary to allow the marketplace to operate as authorized by this subchapter. As part of the rule development process, the director shall consult with organizations representing eligible employers, qualified employees, private and nonprofit sector retirement plan administrators and providers, organizations representing private sector financial services […]
