WAC 365-220-120
How does an individual trust account
initially qualify to receive state matching money? Individual
trust accounts become vested, or initially qualified to receive
state matching money, by meeting requirements over a three-year
period. Accounts vest by accumulating a minimum of twenty-five
dollars per month of private contributions for three consecutive
years. This may be accomplished through regular, periodic, or
one time only contributions. However, contributions will not be
credited for past months for the purposes of vesting. If the
minimum contributions are withdrawn during the three-year vesting
period, the account will not vest. Below are three examples of
individual trust accounts that would vest after three years. In
these examples, at least twenty-five dollars a month is
contributed into the accounts. Contributions in excess of
twenty-five dollars may be applied to future months for the
purpose of vesting, but may not be applied to past months.
| MONTH |
ACCOUNT 1 |
ACCOUNT 2 |
ACCOUNT 3 |
| 1 |
$25.00 |
$300.00 |
$900.00 |
| 2 |
$25.00 |
|
|
| 3 |
$25.00 |
|
|
| 4 |
$25.00 |
|
|
| 5 |
$25.00 |
|
|
| 6 |
$25.00 |
|
|
| 7 |
$25.00 |
|
|
| 8 |
$25.00 |
|
|
| 9 |
$25.00 |
|
|
| 10 |
$25.00 |
|
|
| 11 |
$25.00 |
|
|
| 12 |
$25.00 |
|
|
| 13 |
$25.00 |
$300.00 |
|
| 14 |
$25.00 |
|
|
| 15 |
$25.00 |
|
|
| 16 |
$25.00 |
|
|
| 17 |
$25.00 |
|
|
| 18 |
$25.00 |
|
|
| 19 |
$25.00 |
|
|
| 20 |
$25.00 |
|
|
| 21 |
$25.00 |
|
|
| 22 |
$25.00 |
|
|
| 23 |
$25.00 |
|
|
| 24 |
$25.00 |
|
|
| 25 |
$25.00 |
$300.00 |
|
| 26 |
$25.00 |
|
|
| 27 |
$25.00 |
|
|
| 28 |
$25.00 |
|
|
| 29 |
$25.00 |
|
|
| 30 |
$25.00 |
|
|
| 31 |
$25.00 |
|
|
| 32 |
$25.00 |
|
|
| 33 |
$25.00 |
|
|
| 34 |
$25.00 |
|
|
| 35 |
$25.00 |
|
|
| 36 |
$25.00 |
|
|
| Total |
$900.00 |
$900.00 |
$900.00 |
[Statutory Authority: RCW 43.330.240. 02-07-026, § 365-220-120,
filed 3/12/02, effective 4/12/02.]