COMMITTEE SUBSTITUTE

FOR

Senate Bill No. 215

(By Senators Plymale, Fanning, Walker,

Sprouse, Jackson, Edgell, McCabe, Snyder, Ross, Minard and Dawson)

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[Originating in the Committee on Pensions;

reported February 4, 2000.]

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A BILL to amend and reenact section twenty-three, article ten, chapter five of the code of West Virginia, one thousand nine hundred thirty-one, as amended; and to amend article seven-a, chapter eighteen of said code by adding thereto a new section, designated section twenty-three-a, all relating to the public employees retirement system and the teachers retirement system; and providing for terminal benefit payments and the return of any remaining employee contributions.

Be it enacted by the Legislature of West Virginia:

That section twenty-three, article ten, chapter five of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted; and that article seven-a, chapter eighteen of said code be amended by adding thereto a new section, designated section twenty-three-a, all to read as follows:
CHAPTER 5. GENERAL POWERS AND AUTHORITY OF THE GOVERNOR,

SECRETARY OF STATE AND ATTORNEY GENERAL; BOARD

OF PUBLIC WORKS; MISCELLANEOUS

AGENCIES,

COMMISSIONS, OFFICES, PROGRAMS, ETC.

ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-23. Terminal payment.
In the event a retirant dies before he or she has received in straight life annuity payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members deposit fund at the time of his or her retirement, the difference between his or her said accumulated contributions and the said aggregate amount of straight life annuity payments received by him or her shall be paid to such the person or persons as he or she shall have has nominated by written designation duly executed and filed with the board of trustees. If there be no such designated person or persons surviving the said retirant such the difference, if any, shall be paid to his or her estate. In no case shall may any benefits be paid under this section on account of the death of a retirant if he or she was receiving an annuity under option A or B provided for in section twenty-four hereof. In no case may the plan retain any amount of the accumulated employee contributions remaining in the retirant's account, but it shall retain interest earned on the same accumulated employee contributions.
CHAPTER 18. EDUCATION.

ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-23a. Terminal benefits.
Upon the death of a contributor, either prior to his or her retirement or after his or her retirement has begun, in no event may the plan retain any amount of the accumulated employee contributions remaining in the contributor's account, but it shall retain interest earned on the same accumulated employee contributions and shall refund all accumulated employee contributions to the contributor's designated beneficiary or, if none survives the contributor, to his or her estate.