Washington Code 41.50.180 – Inactive accounts — Identification, closing, and refund
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(1) By January 1, 2022, the department will establish by rule an effective means of:
Terms Used In Washington Code 41.50.180
- Department: means the department of retirement systems; and
Washington Code 41.50.010
(a) Identifying inactive accounts of nonvested members of the retirement systems listed in RCW 41.50.030 whose account balance is less than one thousand dollars; and
(b) Providing for the orderly closing and refunding of member account balances in those accounts in accordance with the federal internal revenue code.
(2) The refund of a member’s account balance will terminate all rights to future benefits, unless otherwise restored under the rules for each of the respective retirement systems.
[ 2021 c 189 § 1.]