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Introduced Version House Bill 3085 History

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hb3085 intr
H. B. 3085


(By Delegates Houston and Marshall)
[Introduced March 17, 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 §18-7A-35d, relating to providing the option for new public school employees (i.e., employees with less than thirty-six months of consecutive employment)to transfer deposits from the Defined Contribution Retirement System and opt into the State Teachers Retirement System with the payment of additional sums in amounts to be determined by the State Retirement Board calculated to insure actuarial soundness of the fund.

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 §18-7A-35d, to read as follows:

ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-35d. New employees' option to transfer from Defined Contribution System.

Notwithstanding any provision of this code to the contrary, any new employee of the Teachers Retirement System who prefers that his or her contributions be included in the Defined Contribution Retirement System under the provisions of article seven-b of this chapter, shall be afforded the option to convert to the retirement system provided under this article. For the purposes of this provision, the term "new employee" means any person whose qualifying employment is less than thirty-six consecutive months. In order to enlist into the State Teachers Retirement System, the new employee must deposit in the Teachers Accumulation Fund established under the provisions of section eighteen of this article, a sum in an amount sufficient to insure the actuarial soundness of the fund which sum shall be established by the Teachers Retirement Board. The new employee may, additionally, deposit any additional sum accumulated under the Defined Contribution Retirement System since the beginning of the new employee's employment. Any sums deposited shall be deposited together with interest thereon at a rate percentage per annum sufficient to insure the actuarial soundness of the fund. The Teachers Retirement Board shall propose legislative rules in accordance with article three, chapter twenty-nine-a, designed to effectuate this provision.

NOTE: The purpose of this bill is to provide the option for new public school employees (i.e., employees with less than thirty-six months of consecutive employment)to transfer deposits from the Defined Contribution Retirement System and opt into the State Teachers Retirement System with the payment of additional sums in amounts to be determined by the State Retirement Board, calculated to insure actuarial soundness of the Teacher's Retirement System Fund.


This section is new; therefore, strike-throughs and underscoring have been omitted.

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