WSR 17-10-043

PREPROPOSAL STATEMENT OF INQUIRY

[Filed April 27, 2017, 5:29 p.m.]

Subject of Possible Rule Making: Governor Inslee recently signed a bill amending the Washington small business retirement marketplace. The marketplace is codified at RCW 43.330.730 through 43.330.750, and 43.320.180. The department of financial institutions intends to amend the rules in chapter 208-710 WAC in order to reflect the legislative amendments.

Statutes Authorizing the Agency to Adopt Rules on this Subject: SSB 5675, chapter 69, Laws of 2017; RCW 43.330.732, 43.330.735, 43.330.750, 43.320.180.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The department of financial institutions is responsible for verifying that the retirement plans that apply to be listed on the Washington small business retirement meet the requirements set forth in RCW 43.330.732(7) and 43.330.735. The legislature recently passed a bill amending the Washington small business retirement marketplace. The department of financial institutions intends to update the rules in chapter 208-710 WAC in order to incorporate these amendments.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The department of commerce is responsible for designing and managing the Washington small business retirement marketplace in consultation with the office of insurance commissioner and the department of financial institutions. The retirement plans to be offered on the marketplace are also subject to regulation by the United States Department of Treasury and the United States Department of Labor. The affected Washington regulatory agencies will coordinate to implement the updates to the Washington small business retirement marketplace.

Process for Developing New Rule: The department of financial institutions will amend its rules in consultation with the department of commerce and the office of insurance commissioner, and after considering comments received from interested persons.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Jill Vallely, Department of Financial Institutions, Securities Division, P.O. Box 9033, Olympia, WA 98507-9033, phone (360) 902-8801, jill.vallely@dfi.wa.gov.

April 27, 2017

William M. Beatty

Securities Administrator