HB4496 H P&R AMT 2-13

The Committee on Pensions and Retirement moves to amend the bill on page one, by striking out the title and substituting therefor a new title, to read as follows:
H.B. 4496 -- "A BILL to amend and reenact §18-7A-14, §18-7A- 18, §18-7A-34 and §18-7A-40 of the Code of West Virginia, 1931, as amended; to amend and reenact §18-7B-7, §18-7B-7a and §18-7B-8 of said code; to amend and reenact §18-7C-1, §18-7C-2, §18-7C-3, §18- 7C-4, §18-7C-5, §18-7C-6, §18-7C-7, §18-7C-8, §18-7C-9, §18-7C-10, §18-7C-11, §18-7C-12, §18-7C-13 and §18-7C-14 of said code; and to further amend said code by adding thereto a new section, designated §18-7C-15, all relating to providing opportunities for members of the teachers' defined contribution retirement system to the state teachers retirement system; providing for contributions by employers and members; authorizing loans to members; providing for transfer of higher education employees who are members of the teachers' defined contribution retirement system; providing for transfer of certain members returning to employment with participating employer; prohibiting transfers to teachers' defined contribution retirement system; providing findings and purposes of enactment; providing definitions of terms; establishing percentage of actively contributing members of the Teachers' Defined Contribution Retirement System voluntarily and affirmatively electing to transfer to the State Teachers Retirement System that required to authorize those transfers; providing for notice, counseling and other education prior to opportunity to affirmatively electing to transfer; establishing July 1, 2008, as effective date of transfer; requiring additional contribution upon transfer and establishing reduction in service credit if additional contribution not made; providing for loans to make additional contribution and payroll deduction program for repayment; establishing processes for members of the Teachers' Defined Contribution Retirement System to affirmatively elect to transfer; establishing powers and duties of the consolidated public retirement board relating to the process and transfers; providing for effect of transfers on qualified domestic relations orders, vesting, and guaranteed minimum benefits; providing certain appellate processes; and providing for additional opportunity to transfer in certain limited circumstances; providing increased cost to member for transferring under those circumstances; establishing July 1, 2009, as final effective date of transfer; and providing for funding needed to offset any additional unfunded actuarially accrued liability."