Washington Administrative Code
Title 415 - Retirement Systems, Department of
Chapter 415-02 - General provisions
TAXES AND FEES
Section 415-02-754 - How does the department comply with Internal Revenue Code definitely determinable benefit rules?
Universal Citation: WA Admin Code 415-02-754
Current through Register Vol. 24-18, September 15, 2024
(1) In conformity with section 401(a)(8) of the Internal Revenue Code, any forfeitures of benefits by members or former members of the plan will not be used to pay benefit increases. However, such forfeitures shall be used to reduce employer contributions.
(2) In conformity with section 401(a)(25) of the Internal Revenue Code, actuarial equivalence for purposes of calculating benefit options is determined using the following assumptions and without employer discretion:
Interest rate: Five percent; and
(a) For years prior to January 1, 2009, the
mortality table specified in Revenue Ruling 2001-62 or any subsequent revenue
ruling modifying the applicable provisions of Revenue Ruling 2001-62;
or
(b) For years after December 31,
2008, the applicable mortality tables described in section 417(e)(3)(B) of the
Internal Revenue Code, Notice 2008-85, or any subsequent Internal Revenue
Service guidance implementing section 417(e)(3)(B) of the Internal Revenue
Code.
Statutory Authority: RCW 41.50.050(5). 10-24-099, §415-02-754, filed 12/1/10, effective 1/1/11.
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