Washington Administrative Code
Title 415 - Retirement Systems, Department of
Chapter 415-501 - Deferred compensation plan
PARTICIPATION IN THE PLAN
Section 415-501-491 - How will the account be distributed if my beneficiary is not my spouse?
Current through Register Vol. 24-18, September 15, 2024
If you die with money in your account and your beneficiary is an individual other than your spouse, an account will be established in your beneficiary's name.
(1) For rules governing distribution to an entity other than an individual (e.g., a trust, estate, or organization), see WAC 415-501-493.
(2) The distribution options will be provided to your beneficiary when DCP is notified of your death, and will be based on treasury rules in effect at that time.
(3) The department must receive your beneficiary's election at least 30 days before distribution is to begin.
(4) If your beneficiary 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, §415-501-491, 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, §415-501-491, filed 12/19/01, effective 1/1/02.
