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New Retirement Marketplace makes it easier for Washingtonians to save

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WASHINGTON: Millions across the U.S lack a retirement savings plan, and many people who are 55 and older have no retirement savings plan at all.

The Washington State Department of Commerce launched a new website to make it easier for those individuals to find a retirement plan.

The goal is to help nearly two million Washingtonians get have access to a retirement plan through their workplace, and the website is called "Retirement Marketplace."  

Officials say it allows you to "quickly compare low-cost plans that have been verified and approved by Washington State officials."

 You have two options when using this portal: Finding a personal plan for you, or finding a plan as a business owner for your employees. On the business end, it'll take you through a series of questions. The first question will ask you the resources you have to set up following and then if you would like to contribute as a business owner. Based on whichever you choose, the site will provide you with available options.

As far as the personal plan goes, you have options for that too: sole proprietor, self employed or an employee.

Governor Inslee says- the goal is to provide a retirement plan for everyone.

"Access to affordable retirement savings plans should be available to everyone, especially small businesses and workers in today's gig economy," said Governor Inslee.

 Each plan listed on the retirement marketplace meets strict criteria established by the Washington State legislature, and those are:

1. Must first be reviewed by officials at the department of financial institutions and/or the office of the insurance commissioner.

2. Cannot charge administrative fees to employers.

3. Cannot charge enrolls more than 1 percent in total annual administrative fees.

4. Must go through an annual renewal process to ensure the plan and provider remain in good standing.