H. B. 3203
(By Delegate Fragale)
[Introduced March 30, 2001; referred to the
Committee on Pensions and Retirement then Finance.]
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
twenty, relating to determining years of credit based on
accumulated sick leave for members of the defined contribution
retirement system for the purpose of calculating retirement
benefits.
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 twenty,
to read as follows:
ARTICLE 7B. TEACHERS' DEFINED CONTRIBUTION RETIREMENT SYSTEM.
§18-7B-20. Adjusted credit for unused sick leave.
Notwithstanding any rule or provision of law to the contrary, in calculating years of service based on the credit for unused sick
leave for purposes of determining retirement benefits to which a
member is entitled under the provisions of this article, the
formula shall be based on the actual accumulated years of service
arrived at by adding the actual number of months a member works
during the calender years he or she is employed with a
participating employer.
NOTE: The purpose of this bill is to modify the formula in
calculating years of service based on the credit for unused sick
leave for purposes of determining retirement benefits to which a
member is entitled to actual accumulated years of service arrived
at by adding the actual number of months a member works during the
calender years he or she is employed with a participating employer.
This section[TYPE INFORMATION] is new; therefore, strike-throughs and
underscoring have been omitted.