Retirement Marketplace

Washington’s Retirement Marketplace, operated by the Department of Commerce, is a online marketplace where qualified financial services firms offer low-cost retirement savings plans to businesses and individuals, including sole proprietors, “gig” workers and the self-employed. The Retirement Marketplace simplifies the process of finding a retirement savings plan by making it easy to compare state-approved plans.

For Businesses

For Individuals

Our Vision

The Marketplace is an informational hub, bringing together financial services firms, employers and employees to help make retirement possible for everyone. The Marketplace strives to simplify retirement savings options by providing helpful information and promoting affordable products. The guiding principles enable individuals to make informed decisions about their retirement and start building savings for their future.

What We Know

There’s a retirement savings gap. Washingtonians aren’t saving enough for retirement, at the risk of spending their later years with diminishing standards of living and more reliance on public safety net programs.

  • 1.3 – 1.6 million working Washingtonians have no access to retirement savings plans at work.
  • Over 131,000 Washington businesses offer NO retirement savings arrangements to their employees.
  • Small businesses may be reluctant to offer retirement plans because of the perception of potential cost and complexity.

Commerce’s November 2017 report on Retirement Readiness explores the situation in detail.

Being Able to Save at Work Matters

We know that people are more likely to set aside money for retirement when they can do it through payroll deductions. Unfortunately, it’s hard for small businesses to sort out the options and afford to provide retirement plans to their employees. Our goal is to increase Washingtonians’ retirement savings by making it easier and less costly for smaller employers to provide retirement savings options to their workforce.

The Marketplace Can Help

Options at your fingertips. 

Users – both businesses and individuals – can comparison shop for retirement savings plans on the website. Information on the site will allow users to connect with plan administrators to sign up for and contribute to plans. Participation in the Retirement Marketplace by financial services firms, employers and employees is voluntary. Enrollee contributions are portable, so when employees switch jobs, they can take their retirement savings with them.

Statutes related to Retirement Marketplace

ESSB 5826, Chapter 296, Laws of 2015
SSB 5675, Chapter 69, Laws of 2017
43.320.180 RCW
43.330.730-750 RCW
365-65 WAC

Financial Services Providers: Act Now!

Getting your retirement savings plans listed on the Marketplace is a two-step process:

  1. Get verified by a Washington State-based regulatory agency.

Department of Financial Institutions (DFI) oversees carriers offering securities-based products. Instructions as to how to apply for verification are listed here.

Office of the Insurance Commissioner (OIC) oversees carriers offering insurance-based products. Filling instructions can be found in Section III (M) of the SERFF filing guidelines (page 7), which can be found here.

Note: OIC may request that DFI conduct the plan review, as provided for by SSB 5675 Sec. 1 (6)(b) (2017). Life insurance and annuity products offered by insurance carriers should still initiate the verification process with OIC.

2. Complete the Washington State Department of Commerce Retirement Marketplace Application.

Department of Commerce administers the Retirement Marketplace program and website. The General Terms and Conditions and other information can be found here.

Request a copy of the application via email at or call 360-725-5070. Completion of the application can be in conjunction with the verification process described above or upon verification by DFI and/or OIC. Information on the completed application is used as a publishing template to upload plan data to the Retirement Marketplace website.

Retirement Readiness Infographic

Download and share this infographic to help educate others on how prepared Washingtonians are for retirement. 

Need help?

Robb Zerr
Senior Managing Director
Phone: 206-256-6111