H. B. 2497

(By Delegate Browning )

(Introduced March 8, 1993; referred to the
Committee on Pensions and Retirement then Finance)




A BILL to amend and reenact section fourteen, article seven-a, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to contributions to the teachers retirement system.

Be it enacted by the Legislature of West Virginia:
That section fourteen, article seven-a, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.

§18-7A-14. Contributions by members.

At the end of each month every member of the retirement system shall contribute six percent of his monthly earnable compensation to the retirement board:
Provided, That any member employed by the West Virginia board of regents board of directors of the state college system or the board of trustees of the university system at an institution of higher education under its control shall contribute on his full earnable compensation, unless otherwise provided in section fourteen-a of this article.
Annually, the contributions of each member shall be credited to his account in the teachers accumulation fund. Thecontributions shall be deducted from the salaries of the members as herein prescribed, and every member shall be deemed to have given his consent to such deductions. No deductions, however, shall be made from the earnable compensation of any member who retired because of age or service, and then resumed service unless as provided in section thirteen-a of this article.
The aggregate of employer contributions, due and payable under this article, shall equal annually two and one-half times the total deductions from the earnable compensation of members required by this section.
Payment by an employer to a member of the sum specified in the employment contract minus the amount of the employee's deductions shall be deemed to be a full discharge of the employer's contractual obligation as to earnable compensation.
Each contributor shall file with the retirement board or with the employer to be forwarded to the retirement board an enrollment form showing his date of birth and other data needed by the retirement board.



Note: The purpose of this bill is to increase certain employers' share of contributions to the teachers retirement system.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.