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Question 1

How much time and resources do you have to setup a retirement savings plan for your business?

You can reduce your administrative costs 
The Retirement Plans Startup Costs Tax Credit is a dollar-for-dollar tax credit equal to 50% of the cost of  setting up and administering a plan, and educating your employees about the plan. Qualifying employers can receive a tax credit for a maximum credit of $500 for each of the first 3 years of the plan, and may claim the credit the tax year before the plan becomes effective. Check with your tax advisor to see if you qualify.

You can stay competitive and increase productivity
If you're looking to attract or retain talented employees, offering a retirement benefit is a great way to stay competitive, reduce turnover costs and employee financial stress, leading to increased engagement and productivity. And, employees are much more likely to save for retirement in the workplace, so even if you are unable to offer a retirement benefit right now, you can provide information about individual plan options to your employees and help support their decision to save through automatic payroll deduction. Get started today! Visit our Employer Resource page for great resources and know-how. 

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1 (360) 725-5070

PO Box 42525
Olympia, WA 98504-2525

Retirement Marketplace

The Small Business Retirement Marketplace is administered by the Washington Department of Commerce as established in RCW Chapter 43.330.730-750. Plans carried on the Retirement Marketplace are verified by the Department of Financial Institutions and/or the Office of the Insurance Commissioner to meet the requirements set forth in RCW 43.330.732(7) and 735(6)(a).

Enrollment in plans on the Retirement Marketplace is voluntary. Plan enrollment is managed by private financial services firms. Saving through certain plans will not be appropriate for all individuals. Employer facilitation of most retirement savings plans carries certain legal obligations for which employers are entirely responsible. Contributing to a retirement savings plan may offer tax benefits and/or consequences. Other private sector plans not offered on the Retirement Marketplace may charge lower fees. Consult your tax or financial adviser with questions related to investments.

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