H. B. 2034
(By Delegate Ellem)
[Introduced January 8, 2003; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact section eight, article fourteen-d,
chapter seven of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to allowing deputy
sheriffs under the former public employees retirement system
an indefinite period of time to pay amounts required under the
deputy sheriff retirement system act after election to
transfer to the deputy sheriff retirement system.
Be it enacted by the Legislature of West Virginia:
That section eight, article fourteen-d, chapter seven of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 14D. DEPUTY SHERIFF RETIREMENT SYSTEM ACT.
§7-14D-8. Transfer from public employees retirement system.
(a) The consolidated retirement board shall, within ninety
days of the effective date of the transfer of a deputy sheriff from the public employees retirement system to the plan, transfer assets
from the public employees retirement system trust fund into the
West Virginia deputy sheriff trust fund.
(b) The amount of assets to be transferred for each
transferring deputy sheriff shall be computed as of the first day
of July, one thousand nine hundred ninety-eight, using the
actuarial valuation assumptions in effect for the first day of
July, one thousand nine hundred ninety-eight, actuarial valuation
of public employees retirement system, and updated with seven and
one-half percent annual interest to the date of the actual asset
transfer. The market value of the assets of the transferring
deputy sheriff in the public employees retirement system shall be
determined as of the end of the month preceding the actual
transfer. To determine the computation of the asset share to be
transferred the board shall:
(1) Compute the market value of the public employees
retirement system assets;
(2) Compute the accrued liability for all public employees
retirement system retirees, beneficiaries, disabled retirees and
terminated inactive members;
(3) Reduce the market value of public employees retirement
system assets by the accrued liability determined in subdivision
(2) of this subsection;
(4) Compute the entry age method accrued liability for all active public employees retirement system members;
(5) Compute the share of accrued liability as determined
pursuant to subdivision (4) of this subsection, that is
attributable to those deputy sheriffs in public employees
retirement system who have elected to transfer to the plan;
(6) Compute the percentage of active's accrued liability
computed to the deputy sheriffs by dividing subdivision (5) by
subdivision (4) of this subsection;
(7) Determine the asset share to be transferred from public
employees retirement system to the plan by multiplying subdivision
(3) times subdivision(6) of this subsection.
(c) Once a deputy sheriff has elected to transfer from the
public employees retirement system, transfer of that amount as
calculated in accordance with the provisions of subsection (b) of
this section by the public employees retirement system shall
operate as a complete bar to any further liability to the
transferring from the public employees retirement system, and
constitutes an agreement whereby the transferring deputy sheriff
forever indemnifies and holds harmless the public employees
retirement system from providing him or her any form of retirement
benefit whatsoever until such time as that deputy sheriff obtains
other employment which would make him or her eligible to reenter
the public employees retirement system with no credit whatsoever
for the amounts transferred to the deputy sheriff's retirement system.
(d) The board shall cause a judicial determination to be made
regarding the transfer of assets from the public employees
retirement system to the deputy sheriff's retirement system by
causing a suit to be filed in the supreme court of this state
seeking a writ of mandamus on or before the thirty-first day of
July, one thousand nine hundred ninety-eight.
(e) Any deputy sheriff who elected, on or before the thirtieth
day of January, one thousand nine hundred ninety-nine, to transfer
to the plan created by this article, has until the first day of
January, two thousand anytime after such election, to pay any
amounts required by section seven of this article as a result of
the deputy sheriff's transfer to the deputy sheriff retirement
fund.
NOTE: The purpose of this bill is to
allow deputy sheriffs
under the former public employees retirement system an indefinite
period of time to pay amounts required under the deputy sheriff
retirement system act after election to transfer to the deputy
sheriff retirement system.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.