Inactive accounts—Identification, closing, and refund.

1. Law
2. Revised Code of Washington
3. Public Employment, Civil Service, and Pensions
4. Department of Retirement Systems.
5. Inactive accounts—Identification, closing, and refund.

(1) By January 1, 2022, the department will establish by rule an effective means of:

(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.]

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