H. B. 3154
(By Delegate Louisos)
[Introduced March 23, 2005; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact §18-7A-36 of the Code of West Virginia,
1931, as amended, relating to a study of the option for
teachers who withdrew from the State Teachers Retirement
System in favor of the Defined Contribution Retirement System,
to exercise the option to return to the State Teachers
Retirement System.
Be it enacted by the Legislature of West Virginia:
That §18-7A-36 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-36. Joint study of state retirement systems; report to
Joint Committee on Government and Finance by
specified date of study conclusions.
In light of the determination to repeal the public employees
retirement system II (PERS II) before its proposed date of initial operation, a study shall be undertaken through the cooperative
efforts of the board of the public employees retirement system, the
board of the teachers retirement system and the legislative
commission on pensions and retirement toward determining the best
method by which to address the fiscal problems of the teachers
retirement system together with any combining of retirement systems
of the state that might be indicated, with report to be made to the
joint committee on government and finance of the Legislature by the
thirtieth day of June, one thousand nine hundred eighty-nine.
In light of the number of requests from teachers in the
Defined Contribution Plan to become members of the State Teachers
Retirement System, and in the interest of providing a fair and
stable retirement for our teachers consistent with principles of
actuarial soundness of the pension plans, a study shall be
undertaken by the Joint Committee on Pensions
and Retirement
regarding all issues involved in a merger of the Teachers' Defined
Contribution Retirement System with the State Teachers Retirement
System, with report to be made to the Joint Committee on Government
and Finance of the Legislature by the thirtieth day of November,
two thousand five
.
NOTE: The purpose of this bill is to provide for a study of
the option for teachers who withdrew from the State Teachers
Retirement System in favor of the Defined Contribution Retirement
System, to exercise the option to return to the State Teachers
Retirement System.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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