The money in your account continues to work for you, even if you do not return to an eligible public service position. Interest on your contributions accumulates regularly, at the same rate active members earn.
You may leave your contributions in your account until you reach minimum distribution age, described below. Not only will the money earn interest, but your service credit is then also preserved. You may withdraw your contributions, if you wish, but be sure to talk with your tax advisor before making a final decision.
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To view the status of your account, sign up for Online Account Access. Registration is easy, fast and secure.
Be sure to let us know if you change your address. Just download and complete a Name/Address Change form and send it to us or call 360-664-7000. If you’re outside the Olympia area, call us toll free at 800-547-6657.
If you need to make a change, download and complete a new Beneficiary Designation form and send it to us.
Are you a Plan 1 or 2 member who needs to withdraw their contributions? Please complete the Withdrawal of Retirement Contributions form and send it to us.
The Internal Revenue Service (IRS) requires that you begin receiving money from your account by April 1 following the year you reach age 70 1/2. If you do not, the IRS will apply a 50-percent tax to the amount you should have received.
You are welcome to complete the Withdrawal of Retirement Contributions form, if you are a Plan 1 or 2 member. Plan 3 members, to withdraw your defined contribution funds (your contributions), complete a Plan 3 Withdrawal Form.
Please contact us in the year you turn 70 so we can process the distribution from your account in time to meet the deadline.
A similar tax applies to money that should have been distributed to beneficiaries of deceased plan members. Please contact us if you are aware of the death of a former plan member.