Commerce launches new, improved Retirement Marketplace
OLYMPIA, WA — The Washington State Department of Commerce has launched the new Retirement Marketplace, a one-stop, easy-to-use website that helps owners of small businesses and individuals comparison shop for retirement savings plans.
All plans on the marketplace are from private financial firms that have been verified by the Department of Financial Institutions as meeting stringent eligibility requirements. 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.
The new website features two new videos on the home page introducing the value of the Retirement Marketplace to each potential audience, including testimonials. See the business-focused video here. A new media kit has been added that includes tools for use by Marketplace partners to help share information about the website and the services offered. Commerce will soon add a blog page to share current information and keep the site dynamic.
Visit www.retirementmarketplace.com to explore options for your business or yourself and help spread the word about this valuable resource in your community.