WSR 17-11-012

PREPROPOSAL STATEMENT OF INQUIRY

[Filed May 9, 2017, 8:25 a.m.]

Subject of Possible Rule Making: Washington small business retirement marketplace, chapter 365-65 WAC.

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: Commerce is responsible for operating the small business retirement marketplace in accordance with RCW 43.330.730 through 43.330.750. The legislature recently passed SSB 5675, chapter 69, Laws of 2017, amending elements of the statutes. Commerce intends to update the rules in chapter 365-65 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: Commerce is responsible for managing the Washington small business retirement marketplace in consultation with the state office of the insurance commissioner and department of financial institutions. The retirement plans to be offered on the marketplace are regulated by the United States Department of Treasury, Internal Revenue Service, and United States Department of Labor; this rule making will not impact how retirement plans are regulated by these federal entities. The affected Washington regulatory and administrative agencies will coordinate to implement the updates to the Washington small business retirement marketplace.

Process for Developing New Rule: Commerce will amend its rules in consultation with the department of financial institutions, office of the insurance commissioner, and organizations representing eligible employers, qualified employees, private and nonprofit sector retirement plan administrators and providers, and other interested individuals or entities.

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, TTY 711, email Carolyn.McKinnon@commerce.wa.gov, web site http://www.commerce.wa.gov/growing-the-economy/business-services/small-business-retirement-marketplace/. Twitter Hashtag: #WashSBRM.

Interested parties may also view updates on this and other commerce rule makings, and sign-up to receive information and participate in the formulation of proposed rules, at http://www.commerce.wa.gov/about-us/rulemaking/.

May 8, 2017

Jaime Rossman

Rules Coordinator