The Washington State Department of Commerce has announced the launch of a new website that enables small business owners and individuals to comparison-shop for retirement savings plans.
“Employers that offer a retirement savings plan benefit are more competitive in recruiting and retaining the best employees,” stated Commerce director Lisa Brown in a prepared statement. “The Retirement Marketplace removes barriers and allows easy access to retirement savings plans for business owners and workers. When people are better prepared to live comfortably in retirement, it strengthens communities and local economies.”
In addition to bolstering their benefit package, businesses can also lower their tax burden by making deductible employer contributions to employee accounts. An individual’s account balance is charged no more than 1 percent in total annual fees, or $10 a year for a $1,000 balance.
The new Retirement Marketplace features plans from private financial firms that have been verified by the Department of Financial Institutions as meeting stringent eligibility requirements. Plans have no administrative fees to employers, making them a significant value for small businesses.
For more information, visit this website.
Thumbnail photo by American Advisors Group via Flickr