The Washington Small Business Retirement Marketplace, launching on January 1, 2017, will help bring retirement parity to small businesses that struggle to offer retirement benefits to their employees. In addition to helping small businesses better compete for and retain talented workers, this program will also benefit the nearly 1.5 million Washington workers who do not have access to a retirement plan through their employer. Below is an overview of what small businesses need to know about the program so they can take advantage of it.
Though the U.S. is slowly recovering from the effects of the Great Recession, Washington small business owners and their employees are facing another financial crisis: retirement security. A survey by the American Association of Retired Persons (AARP) found a quarter of residents between the ages of 45-64 in the Evergreen State have less than $25,000 in savings, and additional research found nearly three in five middle class workers in the state can expect to outlive their retirement savings. Washington small business owners and their workers are no exception.
What began as a grad school assignment has blossomed into a successful small business that Seattleites are eating up… literally.
Stockbox Neighborhood Grocery went from an idea to a thriving small business thanks to Carrie Ferrence. As part of one of her classes at Bainbridge Graduate Institute, Ferrence was tasked with designing a business that responded to a social need, and focused on developing a retail response to urban food access.
The state House of Representatives’ recent passage of the Save Toward a Retirement Today (START) bill is a step in the right direction for Washington’s small businesses and their workers. START would help small employers by giving them the option of creating a simple, state-managed retirement account for their employees and themselves.