The Washington State Department of Commerce said Monday that it has launched the nation’s first online portal, the Retirement Marketplace, that allows businesses and individuals to comparison shop for low-cost, state-verified retirement savings plans.
Washington Gov. Jay Inslee said in announcing the online portal that “access to affordable retirement savings plans should be available to everyone, especially small businesses and workers in today’s gig economy,” adding that he’s “proud that Washington state is leading the way” to such access.
The Retirement Marketplace will help approximately 2 million Washingtonians who do not have access to retirement savings plans through their work.
Approximately 131,000 Washington businesses, most of them small businesses, don’t offer retirement plans to employees, mainly because of their cost and complexity.
Sen. Mark Mullet, a Democrat who sponsored SB 5826, the legislation that created the marketplace, stated that as a small-business owner himself, “I firmly believe that many, if not most, want to offer competitive benefits for employees, but the complexity and fees can make it cost-prohibitive to do so.”