Section 415-501-415 - May I move funds into the plan from an eligible retirement plan?(1)Rollover. If you established your deferred compensation account through your own employment with a participating employer, you may roll pretax contributions into the plan from an individual retirement account (IRA) or from another eligible retirement plan. Your DCP account also accepts rollovers-in from designated Roth accounts within eligible retirement plans, but not from Roth IRAs. If your account was established as a beneficiary following the original account owner's death, or as a result of a domestic relations order as described in WAC 415-501-495, you are not eligible to roll additional funds into the account. (a) The plan will keep a separate accounting of all funds rolled into the plan.(b) Distributions of money rolled into the plan may be subject to an additional 10 percent tax on early distributions.(2)Plan-to-plan transfer. You may transfer money into the plan from another eligible governmental Section 457(b) plan maintained by a political subdivision, subject to the following conditions: (a) The political subdivision also participates in DCP;(b) The transferor plan allows direct plan-to-plan transfers; and(c) You are employed by the political subdivision at the time of the transfer.(3)Rollover/transfer application. You must complete the appropriate form to transfer or roll money into your deferred compensation account. Forms are available through the department or on its website.Wash. Admin. Code § 415-501-415
Amended by WSR 20-24-108, Filed 12/1/2020, effective 1/1/2021Amended by WSR 23-18-025, Filed 8/25/2023, effective 9/25/2023Statutory Authority: RCW 41.50.050(5), 41.50.780(10), and 41.50.770. 04-22-053, §415-501-415, 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, §415-501-415, filed 12/19/01, effective 1/1/02. Statutory Authority: RCW 41.50.770, [41.50.]780 and41.50.050 . 00-11-104, amended and recodified as §415-501-415, filed 5/18/00, effective 6/18/00. Statutory Authority: RCW 41.50.050. 98-20-047, § 415-512-015, filed 9/30/98, effective 10/31/98. Statutory Authority: RCW 41.50.050 and 41.50.780(11). 96-16-020, § 415-512-015, filed 7/29/96, effective 7/29/96.