H. B. 2025
(By Delegate Ennis (By Request))
[Introduced February 9, 2005
; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend the code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §18-7B-11b, relating
to allowing members that participate in the teachers' defined
contribution retirement system to borrow only against the
total amount that the member has contributed into his or her
retirement account.
Be it enacted by the Legislature of West Virginia:
That the code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §18-7B-11b, to read as
follows:
ARTICLE 7B. TEACHERS' DEFINED CONTRIBUTION RETIREMENT SYSTEM.
§18-7B-11b. Borrowing against contributions.
Notwithstanding any provision of this article to the contrary,
any member of the defined contribution retirement system may borrow
against the total amount that the member has contributed into his or her retirement account:
Provided, That the member may not
borrow against any contributions made by an employer or any
interest that has accrued on his or her retirement account.
NOTE: The purpose of this bill is to allow members that
participate in the teachers' defined contribution retirement system
to borrow only against the total amount that the member has
contributed into his or her retirement account.
This section is new; therefore, strike-throughs and
underscoring have been omitted.
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