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Committee Substitute House Bill 3155 History

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HOUSE COM SUB (1 LINE)
COMMITTEE SUBSTITUTE

FOR

H. B. 3155

(By Delegates Pethtel, Varner and Stalnaker)


(Originating in the Committee on Finance)


[March 28, 2005]


A BILL to amend and reenact §5-10-18 of the Code of West Virginia, 1931, as amended, relating to providing for the termination of membership in the Public Employees Retirement System of Jobs for West Virginia's Graduates; providing for withdrawal from system without forfeiture of service credit; specifying time periods; requiring pension plan in lieu of public employees retirement system; notice; option; extending the time for members from certain community mental health centers to repurchase time; specifying interest rate; compounding; permitting emergency services personnel to purchase service credit for the years one thousand nine hundred ninety to one thousand nine hundred ninety-five; specifying the cost of the service credit; specifying interest rate and compounding; providing for the termination of membership in the Public Employees Retirement System of Wetzel County Hospital; providing for withdrawal from system without forfeiture of service credit; specifying time periods; requiring pension plan in lieu of public employees retirement system; notice; option.

Be it enacted by the Legislature of West Virginia:
That §5-10-18 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-18. Termination of membership; reentry.
(a) When a member of the retirement system retires or dies, he or she ceases to be a member. When a member leaves the employ of a participating public employer for any other reason, he or she ceases to be a member and forfeits service credited to him or her at that time. If he or she becomes reemployed by a participating public employer he or she shall be reinstated as a member of the retirement system and his or her credited service last forfeited by him or her shall be restored to his or her credit: Provided, That he or she must be reemployed for a period of one year or longer to have the service restored: Provided, however, That he or she returns to the members' deposit fund the amount, if any, he or she withdrew from the fund, together with regular interest on the withdrawn amount from the date of withdrawal to the date of repayment, and that the repayment begins within two years of the return to employment and that the full amount is repaid within five years of the return to employment.
(b) The Prestera Center for Mental Health Services, Valley Comprehensive Mental Health Center, Westbrook Health Services and Eastern Panhandle Mental Health Center, and their successors in interest, shall provide for their employees a pension plan in lieu of the Public Employees Retirement System during the existence of the named mental health centers and their successors in interest.
(c) The administrative bodies of the Prestera Center for Mental Health Services, Valley Comprehensive Mental Health Center, Westbrook Health Services and Eastern Panhandle Mental Health Center shall, on or before the first day of May, one thousand nine hundred ninety-seven, give written notice to each employee who is a member of the Public Employees Retirement System of the option to withdraw from or remain in the system. The notice shall include a copy of this section and a statement explaining the member's options regarding membership. The notice shall include a statement in plain language giving a full explanation and actuarial projection figures in support of the explanation regarding the individual member's current account balance, vested and nonvested, and his or her projected return upon remaining in the public employees retirement system until retirement, disability or death, in comparison with the projected return upon withdrawing from the Public Employees Retirement System and joining a private pension plan provided by the Community Mental Health Center and remaining therein until retirement, disability or death. The administrative bodies shall keep in their respective records a permanent record of each employee's signature confirming receipt of the notice.
(d) Effective the first day of March, two thousand three, and ending the thirty-first day of December, two thousand four seven, any member may purchase credited service previously forfeited by him or her and the credited service shall be restored to his or her credit: Provided, That he or she returns to the members' deposit fund the amount, if any, he or she withdrew from the fund, together with interest on the withdrawn amount from the date of withdrawal to the date of repayment at a rate to be determined by the Board the assumed actuarial rate of return for the plan the year being repurchased. The repayment under this section may be made by lump sum or repaid over a period of time not to exceed sixty months. Where the member elects to repay the required amount other than by lump sum, the member is required to pay interest at the rate determined by the Board until all sums are fully repaid.
(e) Effective the first day of July, two thousand five, and ending the thirty-first day of December, two thousand six, any emergency services personnel may purchase service credit for the time period beginning the first day of January, one thousand nine hundred ninety, and ending the thirty-first day of December, one thousand nine hundred ninety-five: Provided, That person was employed as an emergency service person in this state for that time period: Provided, however, That any person obtaining service credit under this subsection is required to pay the employee's share and the employer's share upon his or her actual salary for the years in question plus interest at the assumed actuarial rate of return for the plan year being repurchased.
(f)(1) Jobs for West Virginia's Graduates and their successors in interest shall provide for their employees a pension plan in lieu of the Public Employees Retirement System on or before the first day of July, two thousand five, and continuing thereafter during the existence of Jobs for West Virginia's Graduates and its successors in interest.
(2) Effective the first day of July, two thousand five, and continuing through the first day of January, two thousand six, any employee of Jobs for West Virginia's Graduates who is a member of the Public Employees Retirement System may elect to remain an active member of the retirement system, to withdraw from membership in the system leaving his or her account balance and retaining service credited to him or her, or to withdraw from membership and cash out any balance due from his or her account.
(3) The administrative body of Jobs for West Virginia's Graduates shall, on or before the first day of June, two thousand five, give to each employee who is a member of the Public Employees Retirement System written notice of the option to remain in or withdraw from the system. The notice shall include a copy of this section of the West Virginia Code and a statement explaining the member's options regarding membership. The notice shall include a statement in plain language giving a full explanation and actuarial projection figures, prepared by an independent actuary, in support of the explanation regarding the individual member's current account balance, vested and nonvested, and his or her projected return upon remaining in the Public Employees Retirement System until retirement, disability or death, in comparison with the projected return upon withdrawing from the Public Employees Retirement System and joining a private pension plan provided by Jobs for West Virginia's Graduates, and remaining therein until retirement, disability or death. The Consolidated Public Retirement Board shall provide projections to the independent actuary retained by the employer relating to each current employee's account balance, vested and nonvested, and his or her projected return upon remaining in the Public Employees Retirement System until retirement, disability or death. The administrative body of Jobs for West Virginia's Graduates shall keep in its records a permanent record of each employee's signature confirming receipt of the notice.
(g) Wetzel County Hospital and their successors in interest shall provide a pension plan in lieu of the Public Employees Retirement System for employees hired on or after the first day of July, two thousand five, and continuing thereafter during the existence of Wetzel County Hospital and its successors in interest.
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