Our state’s small businesses and private sector workers are facing a retirement savings crisis. Here in the Evergreen State, small businesses provide more than 40% of private sector jobs, but fewer than half of all residents have a retirement plan at work. Unfortunately, many small business owners want to offer retirement plans to attract and retain talented employees, but can’t due to a variety of barriers, including cost, business size, and administrative burdens. Now, there’s a solution: a small business retirement marketplace run by the Washington Department of Commerce.The Washington Small Business Retirement Marketplace, launching in January 2017, will make it easier for entrepreneurs and their employees to save for retirement by offering a voluntary retirement savings program for small businesses with less than 100 employees, including sole proprietors and self-employed individuals. The program will offer an array of options, including low-cost, low-burden retirement savings plans. These plans will be portable, so individuals can keep them even if they change jobs.Join us for an event with AARP, the Washington State Department of Commerce, and Russell Investments as we discuss the implications of the program for small businesses and how it can help the state’s entrepreneurs and their employees save for the future.
