The state of Washington has become the fourth in the country to provide for the formation of a private retirement plan marketplace for small businesses.
On Monday, Gov. Jay Inslee signed bipartisan legislation that will make the new system, called the Washington Small Business Retirement Marketplace, available in 2017. It will provide access to the federal MyRA plan, as well as 401(k) plans and other private options, for employees of small businesses — those with fewer than 100 employees.
The new program will be run by the Washington State Department of Commerce, and will establish a digital marketplace to match employers with private-sector plans. It will offer at least two different types of plans: one that’s modeled on the SIMPLE IRA, allowing employers to contribute to the plan for their employees, and another similar to an IRA but with automatic payroll deductions and without employer contributions. In addition, MyRA will be available.
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