Section 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 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 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.
Wash. Admin. Code § 415-02-550
Amended by WSR 16-08-008, Filed 3/24/2016, effective 4/24/2016Statutory Authority: RCW 41.50.050(5), 41.50.500, 41.50.670,41.50.710, and 41.50.790. 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. 03-12-014, § 415-02-550, filed 5/27/03, effective 7/1/03.