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WAC 415-02-550

What happens to my defined contributions if I transfer to Plan 3 after the department of retirement systems accepts my property division dissolution order?

(1) Who may use this section? You may use this section if you were a member of PERS Plan 2, SERS Plan 2, or TRS Plan 2 and first obtained a property division dissolution order using the language in RCW 41.50.670(2) and WAC 415-02-510 or 415-02-520, and then transfer to Plan 3.1
(2) What happens if the property division dissolution order (using the language in RCW 41.50.670(2) and WAC 415-02-510) did not split my account? Refer to WAC 415-02-530 for information about your defined benefit account and about your and your ex-spouse's defined contribution accounts after you transfer to Plan 3.
(3) What happens if the property dissolution order used the language in WAC 415-02-520 and did split my account?
(a) Your ex-spouse's account will remain in Plan 2. Your ex-spouse is ineligible to transfer to Plan 3.
(b) The balance of your accumulated contributions remaining in your Plan 2 account after it was split will be transferred to your Plan 3 defined contributions account. (Refer to chapter 415-111 WAC for information about your defined contribution account.)
(4) Terms used:
(a) Dissolution order - RCW 41.50.500.
(b) Ex-spouse - WAC 415-02-030.
(c) PERS - Public employees' retirement system.
(d) Plan 3 retirement systems - WAC 415-111-100.
(e) SERS - School employees' retirement system.
(f) Split accounts - WAC 415-02-030.
(g) TRS - Teachers' retirement system.
Footnote to section:
1
The section does not apply to retirees, because retirees cannot transfer to Plan 3.
[Statutory Authority: RCW 41.50.050(5). WSR 16-08-008, § 415-02-550, filed 3/24/16, effective 4/24/16. Statutory Authority: RCW 41.50.050(5), 41.50.500, 41.50.670, 41.50.710, and 41.50.790. WSR 08-10-025, § 415-02-550, filed 4/25/08, effective 5/26/08. Statutory Authority: RCW 41.50.050(5), 41.50.500, [41.50.]670-[41.50.]710, [41.50.]790 and 2002 c 158. WSR 03-12-014, § 415-02-550, filed 5/27/03, effective 7/1/03.]
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