WSR 15-19-148
[Filed September 22, 2015, 2:31 p.m.]
Subject of Possible Rule Making: Washington small business retirement marketplace.
Statutes Authorizing the Agency to Adopt Rules on this Subject: ESSB 5826, chapter 296, Laws of 2015.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Section 9 of ESSB 5826, chapter 296, Laws of 2015, require that the director of the department of commerce shall adopt rules necessary to allow the Washington small business retirement marketplace to operate. Rules on this subject will establish effective and efficient protocols for operating the marketplace.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Regulatory agencies: Washington department of financial institutions, Washington office of the insurance commissioner, United States Department of Treasury, United States Department of Labor.
Process for coordinating with these agencies: Washington regulatory agencies will participate in an interagency working group to develop program rules and protocols. The working group will meet periodically in person at the department of commerce Olympia offices located at 1011 Plum Street S.E., Olympia, WA. It's anticipated that federal regulatory agencies will be required to provide consultation rather than substantive rule-making input. Federal agency contacts will be identified subsequent to state agency group formulation, and will participate in meetings as federal issues are identified.
Process for Developing New Rule: Negotiated rule making; and as part of the rule development process, the department of commerce will consult with organizations representing eligible employers, qualified employees, private and nonprofit sector retirement plan administrators and providers, organizations representing private sector financial services firms, and other individuals relevant to the development of an effective and efficient marketplace.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Carolyn McKinnon, Policy Advisor, P.O. Box 42525, Olympia, WA 98504-2525, phone (360) 725-3121, fax (360) 586-8440, e-mail, web site, Hashtag: #WashSBRM, listserv A meeting open to the public to develop and discuss draft rules will be held prior to the public hearing. To be notified of the public meeting, interested parties should subscribe to the listserv listed above.
September 17, 2015
Nick Demerice
Assistant Director