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Washington Small Business Retirement Marketplace Application for Verification

State:
Washington
Control #:
WA-SKU-1568
Format:
PDF
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Description

Washington Small Business Retirement Marketplace Application for Verification

Washington Small Business Retirement Marketplace Application for Verification is an online application system developed by the Washington State Department of Financial Institutions. This system helps small businesses in Washington State meet their retirement plan service provider requirements and provides a directory of service providers who can help them set up and manage their retirement plans. The application for verification includes two types of application: a Pre-Approval Application and a Full Application. The Pre-Approval Application is used for initial approval of a service provider. The Full Application is used for full verification of a service provider. The system also includes an online questionnaire to help the user select the right service provider based on their specific retirement needs.

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FAQ

The Public Employees' Retirement System Plan 3 (PERS 3) is a two-part, hybrid retirement plan that combines a traditional pension plan, where your receive a defined benefit at retirement, with investment options that work like a typical retirement plan, such as a 401(k).

And while most states have considered it, only 10 have passed it, which are Maryland, California, New York, Oregon, Virginia, Maine, New Jersey, Illinois, Connecticut and Colorado. If you want help figuring out what retirement plan or plans are right for you, consider working with a financial advisor.

PERS Plan 3 members are eligible to retire at age 65 if they are vested.

Plan 3 contributions can be as low as a fixed rate of 5% of your pretax salary. Most Plan 2 rates fall between 6 and 9% of your pretax salary and are subject to change every two years.

Is the Washington State Retirement Marketplace a mandated retirement plan? Participation in the Retirement Marketplace is voluntary.

You cannot change plans at a later date. Note: If you became a member of PERS 2 after March 1, 2002, you already had a 90-day period to choose either PERS 2 or PERS 3, and whichever option you chose at the time was irrevocable. If you wish to remain in PERS 2, you do not need to do anything.

There are actually 3 different types of retirement: Traditional retirement. Semi-retirement. Temporary retirement.

Employers are not required to offer a retirement plan?however, there are many benefits to offering retirement plans to employees, such as improved employee retention, and tax advantages.

More info

How do we apply for verification? To apply to the Department of Financial Institutions for verification of your retirement plan, you must submit the following:.The newly launched Retirement Marketplace website, shown above, helps small businesses and individuals find low-cost retirement savings plans. Learn more about your state-facilitated retirement program to help your customized small business retirement plan stand out for your employees. Find information about the Health Insurance Marketplace where you can review health care coverage options and purchase insurance. Washington lawmakers are again proposing to study whether the state should sponsor a retirement plan for workers who don't have one at work. Learn more about MetLife employee benefits and financial solutions. The Washington State Bar Association's home on the Internet. We offer comprehensive financial capabilities all under one roof, including personal banking, commercial banking, mortgage banking, and wealth management… Deposit a check using the U.S. Bank Mobile App or visit a U.S. Bank branch or ATM.

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Washington Small Business Retirement Marketplace Application for Verification