Wash. Admin. Code § 208-710-030 - Verification process
(1) Financial
services firms that are eligible under WAC
208-710-020 to apply for
verification from the department of financial institutions may do so by
submitting an application for verification as described in WAC
208-710-040,
208-710-060, or
208-710-070.
(2) The department of financial institutions
will review and process initial, renewal, and amendment applications for
verification. The department of financial institutions will issue a
verification letter for retirement plans that meet the requirements set forth
in RCW
43.330.732(7) and
43.330.-735. The verification letter will be effective for one year for initial
and renewal applications. For amendment applications, the verification letter
will be effective for the remainder of the current one-year verification
period.
(3) Pursuant to
RCW
43.330.735(11), a financial
services firm may charge retirement plan enrollees a de minimis fee for new
and/or low balance accounts in excess of one hundred basis points in total
annual fees only if the department of commerce and the financial services firm
negotiate and agree upon the amount of the de minimis fee prior to the issuance
of the verification letter.
(4) A
financial services firm may withdraw its application for verification at any
time by submitting a written request to withdraw to the department of financial
institutions.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.