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Introduced Version House Bill 3154 History

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hb3154 intr
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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