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192-190-015  <<  192-190-020 >>   192-190-025

PDFWAC 192-190-020

Are lump sum retirement payments deductible from my benefits (RCW 50.04.323)?

Lump sum retirement benefits are deductible from benefits as provided in this section.
(1) Lump sum retirement payments are prorated over the individual's life expectancy as determined by Title I in Regulation 1.72-9 of the Internal Revenue Code. The percentage contributed by the employer to the retirement will be prorated over the individual's life expectancy to determine the amount deducted from benefits.
(2) After a job separation, the withdrawal of only the funds and applicable interest contributed by the individual to a retirement pension is not deductible from benefits.
(3) The transfer or rollover of a lump sum retirement payment within sixty days of receipt to another long-term retirement plan, such as an individual retirement account (IRA), or 401K is not deductible from benefits.
[Statutory Authority: RCW 50.12.010, 50.12.040, and 50.20.010. WSR 10-11-046, ยง 192-190-020, filed 5/12/10, effective 6/12/10.]
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