HTML has links - PDF has Authentication
415-02-050  <<  415-02-060 >>   415-02-080

PDFWAC 415-02-060

What happens if I do not cash a warrant or check?

(1) Warrant for defined benefit retirement allowance. A warrant for your monthly retirement allowance will be canceled if it is not cashed within the time frame set by RCW 43.08.062. If the warrant is canceled, the department will attempt to contact you for instructions. You will not earn interest on the warrant amount pending payment.
(2) Warrant for defined benefit withdrawal. When you request a withdrawal of some or all of your defined benefit accumulated contributions:
(a) Once the department issues the warrant you will stop receiving interest.
(b) Whether payable to you or to a qualified investment account, the warrant will be canceled if it is not cashed within the time frame set by RCW 43.08.062.
(c) After the department receives notice that the warrant has been canceled, the department will attempt to contact you and ask for further instructions.
(3) Check for defined contribution distribution. When you request a withdrawal of some or all of your defined contribution fund:
(a) The requested amount will be liquidated and the department’s third-party recordkeeper will transfer the funds into a noninterest bearing account.
(b) You will not receive interest, earnings, or losses after the third-party recordkeeper processes your request.
(c) Whether you request that the refund check be sent directly to you or to a qualified investment account, the check will be canceled if it is not cashed within one hundred eighty days from the date on the check.
(d) If the check is canceled:
(i) The funds will continue to receive no interest, earnings, or losses while the recordkeeper waits to receive instructions from you; and
(ii) The department or the third-party recordkeeper will attempt to contact you and ask for further instructions.
[Statutory Authority: RCW 41.50.050(5), 43.08.062, 41.50.055(5), 41.50.260. WSR 01-08-043, § 415-02-060, filed 3/30/01, effective 4/30/01. Statutory Authority: RCW 41.50.050. WSR 00-10-016, § 415-02-060, filed 4/21/00, effective 5/22/00. Statutory Authority: RCW 41.50.050(6) and 41.50.090. WSR 78-03-023 (Order IV), § 415-02-060, filed 2/15/78.]
Site Contents
Selected content listed in alphabetical order under each group