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WAC 415-501-417

How do I purchase service credit in a qualified defined benefit retirement plan?

(1) What is allowed. Subject to the requirements of the receiving retirement plan, you may make a direct transfer of funds from your deferred compensation account to purchase, restore, or reinstate service credit in any qualified defined benefit government retirement plan.
(2) Who is eligible. You may transfer funds, whether or not you are employed at the time of the transfer.
(3) How to request a transfer.
(a) You may request a transfer by submitting a completed form to the department.
(b) Forms are available through the department or on its web site.
(4) Tax consequences. You are advised to consult with a tax professional regarding the tax consequences of this transaction.
[Statutory Authority: RCW 41.50.050(5), 41.50.780(10), and 41.50.770. WSR 04-22-053, § 415-501-417, filed 10/29/04, effective 11/29/04. Statutory Authority: RCW 41.50.050(5), 41.50.030(2), 41.50.088(2), 41.50.770, and 41.50.780, 26 U.S.C. (Internal Revenue Code) and related tax regulations. WSR 02-01-121, § 415-501-417, filed 12/19/01, effective 1/1/02.]
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