Wash. Admin. Code § 208-710-040 - Initial application requirements
Financial service firms that seek verification of retirement plans from the department of financial institutions for inclusion on the Washington small business retirement marketplace must submit a separate application for each retirement plan for which verification is sought. The following initial application materials must be submitted to the department of financial institutions:
(1) A
completed application for verification form marked "initial ";
(2) A copy of the retirement plan
agreement;
(3) A copy of the
materials routinely used to market the retirement plan to eligible
employers;
(4) Any additional
documents necessary to identify the funds and other investment products to be
offered under the plan, specify the plan's fees and roll-over options, and
disclose historical investment performance for the investment products in the
plan;
(5) The prospectus for each
balanced fund and target date fund or other similar fund offered under the
retirement plan; and
(6) A summary
of the retirement plan's investment options, fees, and other features. The
summary should include, but not necessarily be limited to, the following:
(a) The type of retirement plan (e.g., SIMPLE
IRA);
(b) The investment options
available in the retirement plan;
(c) The fee structure applicable to the
different investment options in the retirement plan (including fees payable to
the financial services firm offering the retirement plan and any other service
providers);
(d) The identity of the
custodian of enrollee accounts;
(e)
The rollover options for enrollees in the retirement plan;
(f) Whether the financial services firm
offering the retirement plan will recommend investments to enrollees, and if
so, how the firm will communicate to enrollees the option to select investments
other than the recommended investments;
(g) A list of documents an employer must
complete to establish the retirement plan and its business relationship with
the financial services firm offering the plan;
(h) A list of the documents enrollees must
complete to establish their retirement account and their relationship with the
financial services firm offering the plan; and
(i) Disclosure of any other fees associated
with the retirement plan.
Notes
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