The Washington State Department of Commerce announced Feb. 12 that it has launched the new Retirement Marketplace, a one-stop website that helps owners of small businesses and individuals comparison shop for retirement savings plans.

All plans on the marketplace are from private financial firms that have been verified by the state Department of Financial Institutions. 

Plans have no administrative fees to employers.

“Employers that offer a retirement savings plan benefit are more competitive in recruiting and retaining the best employees,” said commerce Director Lisa Brown in a news release. “The Retirement Marketplace removes barriers and allows easy access to retirement savings plans for business owners and workers. When people are better prepared to live comfortably in retirement, it strengthens communities and local economies.” 

In addition to bolstering their benefit package, businesses also can lower their tax burden by making deductible employer contributions to employee accounts. 

An individual’s account balance is charged no more than 1 percent in total annual fees, or $10 a year for a $1,000 balance.

Go to retirementmarketplace.com for more information.