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Introduced Version House Bill 2025 History

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hb2025 intr
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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