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The 2015 Pension 40: Mark Mullet

No. 17 Mark Mullet, State Senator / Washington

Mark Mullet
State Senator / Washington
Last year: Not ranked

It took seven years and a dose of dedication for Mark Mullet to catapult from managing currency options trading at UBS in London to helping lead the U.S. retirement security debate as a Washington state senator. After switching in 2007 from finance to a new career as an owner of Issaquah, Washington’s Zeeks Pizza restaurant and a Ben & Jerry’s ice cream shop, Mullet sought a retirement plan for his 50 employees. When he discovered the outsize expense of small-business plan offerings for both employer and employees, a public servant was born. Mullet earned a master’s of public affairs in 2008, won a seat in the state senate in November 2012 and introduced his first retirement plan bill with Republican senator Don Benton in January 2014. That bill, which sought an inexpensive solution piggybacking on the Washington State Investment Board’s defined contribution plan for public employees, was quickly shot down by financial services lobbyists. Undaunted, Mullet reintroduced a bill in 2015 that mutual funds and insurers could live with: a voluntary individual retirement account marketplace for employers with more than 100 workers. He was able to negotiate low plan fees of no more than 100 basis points (1 percent). In May, Washington Governor Jay Inslee signed the Small Business Retirement Marketplace into law. Now Mullet, who hopes the marketplace will be up and running at the end of 2016, is looking for a million-dollar donation to promote the plan to employers statewide.

The 2015 Pension 40

1. Bruce Rauner
2. John & Laura Arnold
Laura and John Arnold Foundation
3. Chris Christie
New Jersey
4. Randi Weingarten
AmericanFederation of Teachers
5. Phyllis Borzi
U.S. Department
of Labor
6. Kevin de León
7. Alejandro García Padilla
Commonwealth ofPuerto Rico
8. Laurence Fink
9. Rahm Emanuel
10. Sean McGarvey
North AmericanBuilding Trades Unions
11. John Kline
12. J. Mark Iwry
U.S. Treasury
13. Damon Silvers
14. Jeffrey Immelt
Electric Co.
15. Joshua Gotbaum
Brookings Institution
16. Robin Diamonte
United Technologies Corp.
17. Mark Mullet
18. Terry O'Sullivan
Laborers' International Union of North America
19. Raymond Dalio
Bridgewater Associates
20. Ted Wheeler
21. Thomas Nyhan
Central States Southeast and Southwest Areas Pension Fund
22. Karen Ferguson & Karen Friedman
Pensions Rights Center
23. Randy DeFrehn
National Coordinating Committee forMultiemployer Plans
24. Robert O'Keef
Motorola Solutions
25. Caitlin Long
Morgan Stanley
26. Kenneth Feinberg
The Law Offices
of Kenneth R. Feinberg
27. Orrin Hatch
28. Kathleen Kennedy Townsend
Center for Retirement Initiatives, Georgetown University
29. Ian Lanoff
Groom Law Group
30. Joshua Rauh
Stanford Graduate School of Business
31. Ted Eliopoulos
California Public Employees' Retirement System
32. Edward (Ted) Siedle
Benchmark Financial Services
33. Teresa Ghilarducci
New School for Social Research
34. Denise Nappier
35. W. Thomas Reeder Jr.
Pension BenefitGuaranty Corp.
36. Hank Kim
National Conference on Public Employee Retirement Systems
37. Paul Singer
Elliott Management Corp.
38. Bailey Childers
National PublicPension Coalition
39. Amy Kessler
Prudential Financial
40. Judy Mares
U.S. Labor Department

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