Systems are now ready for financial services firms to seek product verification for the Washington Small Business Retirement Marketplace, which is set to go live in January 2017. The Marketplace will accept a diverse array of verified plan types, including:
- Payroll deduction IRA, SIMPLE-IRA, SEP-IRA
- 401(k), Individual/Solo 401(k), Safe Harbor 401(k), Automatic Enrollment 401(k)
- Defined benefit plans
- Life insurance plans for the purpose of retirement
Getting products listed on the Marketplace is a two-step process:
Step 1. Get verified by clicking one of the following links:
- Department of Financial Institutions (DFI) – For products regulated by DFI or a federal agency with authority over banking, securities or broker-dealer firms
- Office of the Insurance Commissioner (OIC) – SERFF rates and forms filing, Section K for carriers offering insurance-based products
NOTE: If a product consists of both securities-based and insurance-based components, please complete the verification process with both DFI and OIC.
Step 2. Complete the Washington State Department of Commerce Retirement Marketplace Application. Once your product is verified by DFI and/or OIC, the state will send this application directly to your firm’s primary contact.
The state is relying on product providers to create a wide variety of choices for Washington’s underserved market of small businesses and individual entrepreneurs. We urge member firms to act quickly to take advantage of this opportunity.