CERTIFICATION OF ENROLLMENT
SENATE BILL 5367
67TH LEGISLATURE
2021 REGULAR SESSION
Passed by the Senate February 26, 2021 Yeas 47 Nays 0
President of the Senate Passed by the House April 10, 2021 Yeas 97 Nays 0
Speaker of the House of Representatives | CERTIFICATE I, Brad Hendrickson, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 5367 as passed by the Senate and the House of Representatives on the dates hereon set forth.
Secretary Secretary |
Approved | FILED |
| Secretary of State State of Washington |
SENATE BILL 5367
Passed Legislature - 2021 Regular Session
State of Washington | 67th Legislature | 2021 Regular Session |
BySenator Conway; by request of Select Committee on Pension Policy
AN ACT Relating to directing the department of retirement systems to create rules regarding automatic refunds of retirement contributions in the retirement systems listed in RCW
41.50.030; and adding a new section to chapter
41.50 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter
41.50 RCW to read as follows:
(1) By January 1, 2022, the department will establish by rule an effective means of:
(a) 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
(b) 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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