Source: https://apps.leg.wa.gov/wac/default.aspx?cite=415-111&full=true
Timestamp: 2020-01-28 05:07:29
Document Index: 334170106

Matched Legal Cases: ['§ 415', '§ 415', '§ 415', '§ 415', '§ 415', '§ 415', '§ 415', '§ 415']

Chapter 415-111 WAC:
WACs > Title 415 > Chapter 415-111
Last Update: 9/8/15
PLAN 3—DEFINED CONTRIBUTION PLANS
HTMLPDF 415-111-100 To whom does this chapter apply?
HTMLPDF 415-111-110 Member and employer responsibility.
HTMLPDF 415-111-111 Monitoring deferral limits.
HTMLPDF 415-111-210 Investment program election.
HTMLPDF 415-111-220 How do I choose a defined contribution rate?
HTMLPDF 415-111-230 Self-directed investment program allocation.
HTMLPDF 415-111-310 Defined contribution account distribution (withdrawal).
HTMLPDF 415-111-320 May I purchase a life annuity with my Plan 3 defined contribution account?
HTMLPDF 415-111-400 Optional service credit purchase rules.
HTMLPDF 415-111-410 Submitting a beneficiary designation for Plan 3 members.
HTMLPDF 415-111-440 Gainsharing.
415-111-450 How does a court-ordered division of property affect my Plan 3 account? [Statutory Authority: RCW 41.50.050(5), 41.50.060, 41.50.770, 41.50.780, 2001 c 42. WSR 02-12-084, § 415-111-450, filed 6/4/02, effective 7/5/02. Statutory Authority: RCW 41.50.050(5), 41.50.670 through 41.50.720. WSR 02-03-120, § 415-111-450, filed 1/23/02, effective 3/1/02.] Repealed by WSR 03-12-014, filed 5/27/03, effective 7/1/03. Statutory Authority: RCW 41.50.050(5) and 41.50.670.
PDF415-111-100
This chapter applies only to members of Plan 3 retirement systems created under chapters 41.32 (TRS), 41.35 (SERS) and 41.40 (PERS) RCW.
[Statutory Authority: RCW 41.50.050(5) and chapter 41.34 RCW. WSR 02-03-120, § 415-111-100, filed 1/23/02, effective 3/1/02. Statutory Authority: Chapters 41.32, 41.34, 41.35, 41.50 RCW. WSR 01-01-059, § 415-111-100, filed 12/12/00, effective 1/12/01.]
PDF415-111-110
Member and employer responsibility.
(1) What am I responsible for as a Plan 3 member? As a Plan 3 member your responsibilities include, but are not limited to:
(a) Adhering to time frames;
(2) What can happen if I do not fulfill my Plan 3 responsibilities? If you do not fulfill your responsibilities, the consequences may include, but are not limited to:
(a) Adhering to Plan 3 administrative requirements, including the respective roles of employers and employees, communicated to employers by the department in written materials and formal training;
(c) Reporting an employee's Plan 3 transfer decision as soon as possible after receipt of the appropriate form from the employee;
(d) Submitting to DRS the form on which the member made the Plan 3 transfer decision as soon as possible after receipt of the appropriate form;
(e) Reporting an employee's contribution rate decision as soon as possible after receipt of the appropriate form from the employee;
(f) Reporting an employee's investment program as soon as possible after receipt of the appropriate form from the employee;
(g) Monitoring to ensure that a member's contributions do not exceed Internal Revenue Code limits (see WAC 415-111-111); and
(h) Submitting contributions to the department as soon as reasonable and at least in accordance with RCW 41.50.120, "reasonableness" will be based on the facts and circumstances.
■ An employer has one payroll system;
■ Payroll checks are issued semimonthly;
■ At the same time checks are cut, the payroll department produces a data tape of employee contributions that has to be checked for accuracy, and checking the tape takes four days;
■ Once the accuracy of the data tape is confirmed, a check for the aggregate amount of employee contributions is sent by the employer to DRS; and
■ The entire process, from the cutting of payroll checks to the cutting of the aggregate employee contribution check takes eight days.
In this situation, eight days is a "reasonable" period of time.
(4) What can happen if my employer does not fulfill its responsibilities?
(a) If your employer does not fulfill its responsibilities, the consequences may include, but are not limited to:
(i) Your employer may have to make your member account whole;
(ii) Your employer may be subject to penalties assessed by the department; or
(iii) Your employer may be subject to penalties assessed by the Internal Revenue Service.
(b) If the department determines that an employer has erred in its administrative role, such that an employee incurs an investment loss, the department will determine the amount of loss and bill the employer.
[Statutory Authority: RCW 41.50.050(5), 41.50.112, 41.50.145, chapter 41.34 RCW. WSR 02-03-120, § 415-111-110, filed 1/23/02, effective 3/1/02. Statutory Authority: Chapters 41.32, 41.34, 41.35, 41.50 RCW. WSR 01-01-059, § 415-111-110, filed 12/12/00, effective 1/12/01.]
PDF415-111-111
Monitoring deferral limits.
(1) Can contributions in Plan 3 affect my deferral limits in other tax-deferred plans? Yes. Contributions to Plan 3 reduce your taxable income; this may affect your deferral limits if you participate in another tax deferred program that has a maximum contribution based on a percentage of your taxable income. You should consult with the Internal Revenue Service, a tax advisor, or a financial advisor regarding all questions of federal or state tax implications arising from participation in Plan 3.
[Statutory Authority: Chapters 41.32, 41.34, 41.35, 41.50 RCW. WSR 01-01-059, § 415-111-111, filed 12/12/00, effective 1/12/01.]
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PDF415-111-220
PDF415-111-230
PDF415-111-310
PDF415-111-320
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Submitting a beneficiary designation for Plan 3 members.
(1) You may designate or change a beneficiary for your defined contribution account at any time. When received by the department, the most recent beneficiary designation supersedes all prior beneficiaries and will be used for your Plan 3 defined contribution account.
(2) If you designate a beneficiary as a Plan 2 member and move to Plan 3, the Plan 2 beneficiary designation will be used as your Plan 3 defined contribution account beneficiary.
(3) The beneficiary you designate for your defined contribution account can be different from the beneficiary you designate when you apply for your defined benefit retirement.
[Statutory Authority: RCW 41.50.050(5), 41.40.835, 41.40.845. WSR 02-03-120, § 415-111-410, filed 1/23/02, effective 3/1/02.]
PDF415-111-440