Senate Bill No. 619
(By Senator Snyder, By Request)
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[Introduced February 22, 1999; referred to the Committee on
Pensions; and then to the Committee.]
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A BILL to amend article seven-b, chapter eighteen of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
eleven-a, relating to allowing teachers who reenter the
teachers' defined contribution retirement system after
service on a school board and who previously withdrew
accumulated contributions to be permitted to repay the
retirement fund the amount withdrawn, plus interest, in
order to reinstate their retirement fund.
Be it enacted by the Legislature of West Virginia:
That article seven-b, chapter eighteen of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section
eleven-a, to read as follows:
ARTICLE 7B. TEACHERS' DEFINED CONTRIBUTION RETIREMENT SYSTEM.
§18-7B-11a. Cessation of membership; reinstatement of
withdrawn service.
Any former member of the retirement system who has withdrawn
his or her accumulated contributions but subsequently reenters
the retirement system after service on a school board shall be
permitted to repay to the retirement fund the amount withdrawn,
plus interest at a rate of six percent, compounded annually from
the date of withdrawal to the date of repayment: Provided, That
no such repayment may be made until the former member has
completed two years of contributory service after reentry; and
such member shall be accorded all the rights to prior service and
experience as were held at the time of withdrawal of such
accumulated contributions: Provided, however, That no withdrawn
service may be reinstated that has been transferred to another
retirement system from which the member is currently or will in
the future draw benefits based on the same service. The interest
paid shall be deposited in the reserve fund.
NOTE: The purpose of this bill is to allow teachers who
reenter the teachers' defined contribution retirement system who
previously withdrew accumulated contributions to be permitted to
repay the retirement fund the amount withdrawn, plus interest, in
order to reinstate their retirement fund. Current law provides
that teachers under the teachers retirement system, the
predecessor to the defined contribution retirement system, enjoy
the right to repay after opting out.
This section is new; therefore, strike-throughs and
underscoring have been omitted.