H. B. 2491
(By Delegates Seacrist and Hunt)
[Introduced January 14, 1998; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact section eighteen, article ten, chapter five of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to public employees
retirement system; termination of membership; reentry;
repayment of benefits with interest; and allowing public
employees to pay back retirement benefits in one lump sum up
to ten years after returning to employment.
Be it enacted by the Legislature of West Virginia:
That section eighteen, article ten, chapter five of the code
of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-18. Termination of membership; reentry.
When a member of the retirement system retires or dies, he or she ceases to be a member. When a member leaves the employ of
a participating public employer for any other reason, he or she
ceases to be a member and forfeits service credited to him or her
at that time. If he or she becomes reemployed by a participating
public employer he or she shall be reinstated as a member of the
retirement system and his the credited service last forfeited by
him or her shall be restored to his or her credit: Provided,
That he or she must be reemployed for a period of one year or
longer to have such service restored: Provided, however, That he
or she returns to the members' deposit fund the amount, if any,
he or she withdrew therefrom, together with regular interest
thereon from the date of withdrawal to the date of repayment, and
that such repayment begins within two ten years of the return to
employment and that the full amount be repaid within five ten
years of the return to employment: Provided further, That any
public employee who becomes reemployed by a participating public
employer may return to the members' deposit fund the amount, if
any, he or she withdrew therefrom, together with regular interest
thereon from the date of withdrawal to the date of repayment, at
any time within ten years of the return to employment and
repayment may be made in one lump sum.
NOTE: The purpose of this bill is to allow public employees
employed by the state to pay back retirement benefits in one lump
sum up to ten years after returning to employment with the state.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.