Wash. Admin. Code § 415-501-494

Current through Register Vol. 24-21, November 1, 2024

Section 415-501-494 - How will the account be distributed if my beneficiary is a minor?

If you die before your entire account has been distributed and if one or more of your beneficiaries is a minor child, your deferred compensation funds will be distributed to the minor according to the following:

(1) If the guardian is a parent, a Proof of Guardianship form and a copy of the minor's birth certificate is required.

(2)If the guardian is not a parent, a Proof of Guardianship form and court documentation verifying the guardianship of the minor is required.

(3) Distribution consistent with this rule releases the department and its designated recordkeeper from further liability with regard to your DCP account.

(4)The person receiving the distribution pursuant to this rule must choose a distribution date and method on behalf of the minor, consistent with the requirements of this chapter.

Wash. Admin. Code § 415-501-494

Amended by WSR 20-17-006, Filed 8/5/2020, effective 9/5/2020

Statutory Authority: RCW 41.50.050(5), 41.50.770, and 41.50.780. 09-09-044, §415-501-494, filed 4/9/09, effective 5/10/09. Statutory Authority: RCW 41.50.050(5), 41.50.780(10), and 41.50.770. 04-22-053, §415-501-494, 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. 02-01-121, §415-501-494, filed 12/19/01, effective 1/1/02.