Washington Small Business Retirement Marketplace
State of Washington defined contribution retirement plan program
Year enacted |
2015; amended 2017 |
Status |
The marketplace launched in March 2018. A new and improved marketplace website became available in 2020. |
Employers affected |
Employers with fewer than 100 employees; program is voluntary and also available to self-employed individuals and sole proprietors |
Type of plan |
Program allows for SIMPLE IRA, Roth IRA, traditional IRA, various ERISA plans, and potentially life insurance plans designed for retirement purposes.
Current offerings—nine retirement plan options offered through three companies: Aspire Capital Advisors and Finhabits for Roth and traditional IRAs, and Saturna Trust Company for profit-sharing, solo 401(k), traditional 401(k), auto-enroll 401(k), and safe harbor 401(k) plans |
Automatic enrollment |
Available with ERISA plans |
Auto-escalation |
Available with ERISA plans |
Default contribution rate |
To be determined |
Employer contributions |
Permitted for ERISA plans |
Investment options |
Varies by plan type |
Fees |
No administrative fees for employers. Financial service providers can't charge employees more than 1% of their account balance as an annual administrative fee; however, financial service providers may charge a de minimis fee for new and/or low balance accounts approved by the U.S. Department of Commerce. |
Website |
Sources: Most of the information is from “State-Facilitated Retirement Savings Programs: A Snapshot of Plan Design Features,” Georgetown University Center for Retirement Initiatives, 10/31/21, "New retirement marketplace in Washington Simplifies Savings Plan," The Human Interest, 12/29/21, and the program's website. It is subject to change without notice. Please contact the state to learn more.
Learn more about the opportunity with state-facilitated retirement plans
John Hancock Investment Management Distributors LLC is the principal underwriter and wholesale distribution broker dealer for the John Hancock mutual funds. Member FINRA, SIPC.
John Hancock Retirement Plan Services LLC offers administrative or recordkeeping services to sponsors and administrators of retirement plans. John Hancock Trust Company LLC provides trust and custodial services to such plans. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, New York. Product features and availability may differ by state. Securities offered through John Hancock Distributors LLC. Member FINRA, SIPC.
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