Senate Bill 5369

Source

Section 1

This section adds a new section to an existing chapter 41.50. Here is the modified chapter for context.

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

    1. 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

    2. 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.


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