Washington Administrative Code
Title 415 - Retirement Systems, Department of
Chapter 415-501 - Deferred compensation plan
PARTICIPATION IN THE PLAN
Section 415-501-488 - How will the account be distributed if my beneficiary is my spouse?
Current through Register Vol. 24-18, September 15, 2024
If you die with money in your account and your beneficiary is your spouse, an account will be established in your spouse's name.
(1) The distribution options will be provided to your spouse when DCP is notified of your death. Your spouse may choose the method of distribution installment pay-ments or lump sum) and may be subject to a required minimum distribution each calendar year until your account is exhausted.
(2) Required minimum distribution.
The required minimum distribution in each of the relevant calendar years is based on life expectancies set forth in the treasury regulations.
(3) If your spouse dies before the entire account is exhausted, the remainder of the account will be paid according to their beneficiary election(s) on file (see WAC 415-501-480) . If there is no beneficiary election on file, the remaining balance will be paid to their estate.
Statutory Authority: RCW 41.50.050(5), 41.50.780(10), and 41.50.770. 04-22-053, §415-501-488, filed 10/29/04, effective 11/29/04.
