Washington Administrative Code › Title 415 - Retirement Systems, Department of › Chapter 415-02 - General provisions › PROPERTY DIVISION IN DISSOLUTION ORDERS › Section 415-02-520 - How can my Plan 1 or 2 retirement account be split[1] by a property division dissolution order?

Current through Register Vol. 24-14, July 15, 2024
(1)
Who uses
				this section?
Vested members of LEOFF Plan 2, PERS Plan 1 or 2, PSERS,
				TRS Plan 1 or 2, SERS Plan 2, or WSPRS Plan 2 who have or will have a property
				division dissolution order or amendment dated on or after July 1,
				20032. If you are not a vested member, use WAC
				415-02-510.
(2)
What are the rules for splitting my
				account?
If you and your ex-spouse are eligible, the department will
				split
your
retirement account into two separate
				accounts-one for you, and one for your ex-spouse. The rules for splitting your
				account are different depending on whether your dissolution order or most
				recent amendment is dated
BEFORE
or
AFTER
retirement.
(3)
How will my account be affected if
				the department accepts the property division dissolution order
BEFORE
my retirement?
(a) The department will split your retirement
				account into two completely separate accounts and create an account for your
				ex-spouse under his or her Social Security number for the amount awarded in the
				dissolution order.
(b) The
				department will pay each of you out of your separate accounts either a monthly
				allowance or a withdrawal of contributions.
(c) If you retire and receive a monthly
				retirement allowance, your monthly retirement allowance will have a permanent
				reduction to offset the amount awarded as a monthly payment to your
				ex-spouse.
(d) Your monthly
				retirement allowance will be payable over your lifetime, and your ex-spouse's
				monthly payment will be payable over your ex-spouse's lifetime.
(e) You will have the right to choose a
				benefit option with a survivor feature. See WAC
				415-02-320.
(f) Your ex-spouse will not have the right to
				choose a benefit option with a survivor feature, but may name a beneficiary to
				receive any final death payment that may be due.
(g) If you terminate employment, any decision
				you make about your accumulated contributions will have no effect upon your
				ex-spouse's separate account.
(h)
				When you or your ex-spouse dies, there will be no impact to the other person's
				retirement account because the accounts are independent from one
				another.
(i) Your ex-spouse may
				begin receiving monthly payments when your ex-spouse reaches retirement age for
				your retirement plan, or the first day of the month following the department's
				acceptance of the order, whichever is later. The minimum age for an ex-spouse
				to begin receiving a benefit from:
(A) TRS
				Plan 1 and PERS Plan 1 is age 60;
(B) PERS Plan 2, PSERS, SERS Plan 2, and TRS
				Plan 2 it is age 65;
(C) LEOFF Plan
				2 is age 53; and
(D) WSPRS Plan 2
				is age 55.
Your age or retirement eligibility has no effect on when your
				  ex-spouse is eligible to begin receiving a monthly payment. Your ex-spouse must
				  apply for his or her monthly payment according to the rules for your system and
				  plan.
(j) Your
				ex-spouse may withdraw his or her share of the accumulated contributions at any
				time before receiving a monthly payment. Regardless of whether your ex-spouse
				withdraws or receives a monthly payment, your monthly retirement allowance will
				be permanently reduced to account for your ex-spouse's share of your retirement
				account.