The definitions in this section apply throughout this subchapter unless the context
clearly requires otherwise.
(1) “Approved plans” means retirement plans offered by private sector financial services firms that meet
the requirements of this chapter to participate in the marketplace.
(2) “Balanced fund” means a mutual fund that has an investment mandate to balance its portfolio holdings. The fund generally includes a mix of stocks and bonds in varying proportions according
to the fund's investment outlook.
(3) “Eligible employer” means a self-employed individual, sole proprietor, or an employer with fewer than
one hundred qualified employees at the time of enrollment.
(4) “Enrollee” means any employee who is voluntarily enrolled in an approved plan offered by an
eligible employer through the Washington small business retirement marketplace.
(5) “myRA” means the myRA retirement program administered by the United States department of
the treasury that is available to all employers and employees with no fees or no minimum
contribution requirements. A myRA is a Roth IRA option and investments in these accounts are backed by the
United States department of the treasury.
(6) “Participating employer” means any eligible employer with employees enrolled in an approved plan offered
through the Washington small business retirement marketplace who chooses to participate
in the marketplace and offers approved plans to employees for voluntary enrollment.
(7) “Private sector financial services firms” or “financial services firms” mean persons or entities licensed or holding a certificate of authority and in good
standing by either the department of financial institutions or the office of the insurance
commissioner and meeting all federal laws and regulations to offer retirement plans.
(8) “Qualified employee” means those workers who are defined by the federal internal revenue service to be
eligible to participate in a specific qualified plan.
(9) “Target date or other similar fund” means a hybrid mutual fund that automatically resets the asset mix of stocks, bonds,
and cash equivalents in its portfolio according to a selected time frame that is appropriate
for a particular investor. A target date is structured to address a projected retirement date.
(10) “Washington small business retirement marketplace” or “marketplace” means the retirement savings program created to connect eligible employers and their
employees with approved plans to increase retirement savings.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.