Section 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 regular interest on the warrant amount pending reissue of your 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 regular 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 .(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 180 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.Wash. Admin. Code § 415-02-060
Amended by WSR 22-13-052, Filed 6/8/2022, effective 7/9/2022Statutory Authority: RCW 41.50.050(5), 43.08.062, 41.50.055(5), 41.50.260. 01-08-043, §415-02-060, filed 3/30/01, effective 4/30/01. Statutory Authority: RCW 41.50.050. 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. 78-03-023 (Order IV), §415-02-060, filed 2/15/78.