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Committee Substitute House Bill 4496 History

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COM SUB 2 LINES
COMMITTEE SUBSTITUTE

FOR

H. B. 4496

(By Mr. Speaker (Mr. Thompson) and Delegate Armstead)

[By Request of the Executive]


(Originating in the Committee on Finance)


[February 14, 2008]


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; providing for access to schools; 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; establishing an initial date for retirement; 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 and vesting; providing 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 exceptions; and providing for funding needed to offset any additional unfunded actuarially accrued liability.

Be it enacted by the Legislature of West Virginia:
That §18-7A-14, §18-7A-18, §18-7A-34 and §18-7A-40 of the Code of West Virginia, 1931, as amended, be amended and reenacted; that §18-7B-7, §18-7B-7a and §18-7B-8 of said code be amended and reenacted; that §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 be amended and reenacted; and that said code be further amended by adding thereto a new section, designated §18-7C-15, all to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-14. Contributions by members; contributions by employers.

(a) At the end of each month every member of the retirement system shall contribute six percent of that member's monthly gross salary to the retirement board: Provided, That any member employed by a state institution of higher education shall contribute on the member's full earnable compensation, unless otherwise provided in section fourteen-a of this article. The sums are due the Teachers Retirement System at the end of each calendar month in arrears and shall be paid not later than fifteen days following the end of the calendar month. Each remittance shall be accompanied by a detailed summary of the sums withheld from the compensation of each member for that month on forms, either paper or electronic, provided by the Teachers Retirement System for that purpose.
(b) Annually, the contributions of each member shall be credited to the member's account in the Teachers Retirement System Fund. The contributions shall be deducted from the salaries of the members as prescribed in this section and every member shall be considered to have given consent to the deductions. No deductions, however, shall be made from the earnable compensation of any member who retired because of age or service and then resumed service unless as provided in section thirteen-a of this article.
(c) The aggregate of employer contributions, due and payable under this article, shall equal annually the total deductions from the gross salary of members required by this section. Beginning the first day of July, one thousand nine hundred ninety-four, the rate shall be seven and one-half percent; beginning on the first day of July, one thousand nine hundred ninety-five, the rate shall be nine percent; beginning on the first day of July, one thousand nine hundred ninety-six, the rate shall be ten and one-half percent; beginning on the first day of July, one thousand nine hundred ninety-seven, the rate shall be twelve percent; beginning on the first day of July, one thousand nine hundred ninety-eight, the rate shall be thirteen and one-half percent; and beginning on the first day of July, one thousand nine hundred ninety-nine and thereafter, the rate shall be fifteen percent: Provided, That the rate shall be seven and one-half percent for any individual who becomes a member of the Teachers Retirement System for the first time on or after the first day of July, two thousand five, or any individual who becomes a member of the Teachers Retirement System as a result of the merger transfer contemplated in article seven-c of this chapter.
(d) Payment by an employer to a member of the sum specified in the employment contract minus the amount of the employee's deductions shall be considered to be a full discharge of the employer's contractual obligation as to earnable compensation.
(e) Each contributor shall file with the retirement board or with the employer to be forwarded to the retirement board an enrollment form showing the contributor's date of birth and other data needed by the retirement board.
§18-7A-18. Teachers Employers Contribution Collection Account; Teachers Retirement System Fund; transfers.

(a) There is hereby created in the State Treasury a special revenue account designated the "Teachers Employers Contribution Collection Account" to be administered by the Consolidated Public Retirement Board. The Teachers Employers Contribution Collection Account shall be an interest-bearing account with interest credited to and deposited in the account and transferred in accordance with the provisions of this section.
(b) There shall be deposited into the Teachers Employers Contribution Collection Account the following:
(1) Contributions of employers, through state appropriations, and such amounts shall be included in the budget bill submitted annually by the Governor;
(2) Beginning on the first day of July, two-thousand five, contributions from each county in an amount equal to fifteen percent of all salary paid in excess of that authorized for minimum salaries in sections two and eight-a, article four, chapter eighteen-a of this code and any salary equity authorized in section five of said article or any county supplement equal to the amount distributed for salary equity among the counties for each individual who was a member of the Teachers' Retirement System before the first day of July, two-thousand five: Provided, That the rate shall be seven and one-half percent for any individual who becomes a member of the Teachers Retirement System for the first time on or after the first day of July, two-thousand five or any individual who becomes a member of the Teachers' Retirement System as a result of the merger transfer contemplated in article seven-c of this chapter;
(3) The amounts transferred pursuant to section eighteen-a of this article; and
(4) Any other moneys, available and not otherwise expended, which may be appropriated or transferred to this account.
(c) Moneys on deposit in the Teacher Employers Contribution Collection Account shall be transferred monthly in the following order:
(1) To the Teachers' Retirement System Fund the amount certified by the Consolidated Public Retirement Board as the actuarially required contribution; and
(2) To the Pension Liability Redemption Fund the amount, if any, appropriated in accordance with section eight, article eight, chapter twelve of this code; and
(3)
The balance, if any, to the Employee Pension and Health Care Benefits Fund established under section thirty-nine, article seven-a of this chapter.
(d) There is hereby continued in the State Treasury a separate irrevocable trust designated the Teachers' Retirement System Fund. The Teachers' Retirement System Fund shall be invested as provided in section nine-a, article six, chapter twelve of this code.
(e) There shall be deposited into the Teachers' Retirement System Fund, the following:
(1) Moneys transferred from the Teachers Employers Contribution Collection Account;
(2) Member contributions provided for in section fifteen of this article;
(3) Gifts and bequests to the fund and any accretions and accumulations which may properly be paid into and become a part of the fund;
(4) Specific appropriations to the fund made by the Legislature;
(5) Interest on the investment of any part or parts of the fund; and
(6) Any other moneys, available and not otherwise expended, which may be appropriated or transferred to the Teachers Retirement System or the Fund.
(f) The Teachers Retirement System Fund shall be the fund from which annuities shall be paid.
(g) The Consolidated Public Retirement Board has sole authority to direct and approve the making of any and all fund transfers as provided in this section, anything in this code to the contrary notwithstanding.
(h) References in the code to the Teachers Accumulation Fund, the Employers Accumulation Fund, the Benefit Fund, the Reserve Fund and the Expense Fund mean the Teachers Retirement System Fund.
§18-7A-34. Loans to members.
(a) An actively contributing member of the retirement system upon written application may borrow from his or her individual account in the Teachers Accumulation Fund Retirement System, subject to these restrictions:
(1) Loans shall be made in multiples of ten dollars, the minimal loan being one hundred dollars and the maximum being eight thousand dollars: Provided, That the maximum amount of any loan when added to the outstanding balance of all other loans shall not exceed the lesser of the following: (A) Eight thousand dollars reduced by the excess (if any) of the highest outstanding balance of loans during the one-year period ending on the day before the date on which the loan is made, over the outstanding balance of loans to the member on the date on which the loan is made; or (B) fifty percent of the member's contributions to his or her individual account in the Teachers Accumulations Fund Retirement System: Provided, however, That if the total amount of loaned money outstanding exceeds forty million dollars, the maximum shall not exceed three thousand dollars until the Retirement Board determines that loans outstanding have been reduced to an extent that additional loan amounts are again authorized.
(2) Interest charged on the amount of the loan shall be six percent per annum, or a higher rate as set by the Board: Provided, That interest charged shall be commercially reasonable in accordance with the provisions of section 72(p)(2) of the Internal Revenue Code, and the federal regulations issued thereunder. If repayable in installments, the interest shall not exceed the annual rate so established upon the principal amount of the loan, for the entire period of the loan, and such charge shall be added to the principal amount of the loan. The minimal interest charge shall be for six months.
(3) No member is eligible for more than one outstanding loan at any time.
(4) If a refund is payable to the borrower or his or her beneficiary before he or she repays the loan with interest, the balance due with interest to date shall be deducted from the refund.
(5) From his or her monthly salary as a teacher or a nonteacher the member shall pay the loan and interest by deductions which will pay the loan and interest in substantially level payments in not more than sixty nor less than six months. Upon notice of loan granted and payment due, the employer is responsible for making the salary deductions and reporting them to the Retirement Board. At the option of the Board, loan deductions may be collected as prescribed herein for the collection of members' contribution, or may be collected through issuance of warrant by employer. If the borrower is no longer employed as a teacher or nonteaching member, the borrower must make monthly loan payments directly to the Consolidated Public Retirement Board and the Board must accept the payments.
(6) The entire unpaid balance of any loan, and interest due thereon, shall, at the option of the Board, become due and payable without further notice or demand upon the occurrence with respect to the borrowing member of any of the following events of default: (A) Any payment of principal and accrued interest on a loan remains unpaid after it becomes due and payable under the terms of the loan or after the grace period established in the discretion of the Board; (B) the borrowing member attempts to make an assignment for the benefit of creditors of his or her refund or benefit under the retirement system; or (C) any other event of default set forth in rules promulgated by the Board in accordance with the authority granted pursuant to section one, article ten-d, chapter five of this code: Provided, That any refund or offset of an unpaid loan balance shall be made only at the time the member is entitled to receive a distribution under the retirement system.
(7) Loans shall be evidenced by such form of obligations and shall be made upon such additional terms as to default, prepayment, security, and otherwise as the Retirement Board may determine.
(8) Notwithstanding anything herein to the contrary, the loan program authorized by this section shall comply with the provisions of Section 72(p)(2) and Section 401 of the Internal Revenue Code, and the federal regulations issued thereunder, and accordingly, the Retirement Board is authorized to: (A) Apply and construe the provisions of this section and administer the plan loan program in such a manner as to comply with the provisions of Section 72(p)(2) and Section 401 of the Internal Revenue Code and the federal regulations issued thereunder; (B) adopt plan loan policies or procedures consistent with these federal law provisions; and (C) take such actions as it deems necessary or appropriate to administer the plan loan program created hereunder in accordance with these federal law provisions. The Retirement Board is further authorized in connection with the plan loan program to take any actions that may at any time be required by the Internal Revenue Service regarding compliance with the requirements of Section 72(p)(2) or Section 401 of the Internal Revenue Code, and the federal regulations issued thereunder, notwithstanding any provision in this article to the contrary.
(b) Notwithstanding anything in this article to the contrary, the loan program authorized by this section shall not be available to any teacher or nonteacher who becomes a member of the Teachers Retirement System on or after the first day of July, two thousand five: Provided, That a member is eligible for loan under subsection (c), section six, article seven-c of this chapter to pay all or part of the one and one-half percent contribution for service in the Teachers' Defined Contribution Plan Retirement System.
§18-7A-40. Higher education employees.
Nothing in this article or article seven-b of this chapter shall be construed:
(1) To be in conflict with section four-a, article twenty-three, chapter eighteen of this code; or
(2) To affect the membership of higher education employees who are currently members of either the State Teachers Retirement System created in this article or the Teachers' Defined Contribution Retirement System created in article seven-b of this chapter: Provided, That if the merger contemplated by article seven-c of this chapter occurs, any higher education employees who are currently members of the Teachers' Defined Contribution Retirement System shall may become members of the Teachers Retirement System upon meeting the requirements of article seven-c of this chapter.
ARTICLE 7B. TEACHERS' DEFINED CONTRIBUTION RETIREMENT SYSTEM.

§18-7B-7. Participation in Teachers' Defined Contribution Retirement System; limiting participation in existing Teachers Retirement System.

(a) Beginning the first day of July, one thousand nine hundred ninety-one, and except as provided in this section, the Teachers' Defined Contribution Retirement System shall be the single retirement program for all new employees whose employment commences on or after that date and all new employees shall be required to participate. No additional new employees except as may be provided in this section may be admitted to the existing Teachers Retirement System.
(b) Members of the existing Teachers Retirement System whose employment continues beyond the first day of July, one thousand nine hundred ninety-one, and those whose employment was terminated after the thirtieth day of June, one thousand nine hundred ninety-one, under a reduction in force are not affected by subsection (a) of this section and shall continue to contribute to and participate in the existing Teachers Retirement System without a change in plan provisions or benefits.
(c) Any person who was previously a member of the Teachers Retirement System and who left participating employment before the creation of the Defined Contribution System on the first day of July, one thousand nine hundred ninety-one, and who later returned returns to participating employment after the effective date of this section has the right to elect to shall return to the existing Teachers Retirement System or to elect to participate in the Defined Contribution System. The election shall be made at the time of his or her reemployment, is irrevocable and shall be made upon forms approved by and filed with the West Virginia Consolidated Public Retirement Board.
(d) Any person who was, prior to the first day of July, one thousand nine hundred ninety-one, a member of the existing Teachers Retirement System who left participating employment before the creation of the Teachers' Defined Contribution Retirement System on the first day of July, one thousand nine hundred ninety-one, and who later returned to participating employment after that date and who was precluded from returning to the existing Teachers Retirement System as a result of prior provisions of this section, may elect, pursuant to the provisions of this section, readmission to the existing Teachers Retirement System: Provided, That persons who are eligible to, and who make the election to, terminate their participation in the Defined Contribution System and to return to participation in the existing Teachers Retirement System as provided in this section shall make the election, on a form approved by and filed with the West Virginia Consolidated Public Retirement Board on or before the thirtieth day of June, two thousand two: Provided, however, That as a condition of the right of readmission to the existing Teachers Retirement System, a person making the election provided in this section whose Defined Contribution Account had not, prior to election, been divided by a qualified domestic relations order, shall pay an additional contribution to the existing Teachers Retirement System equal to one and one-half percent of his or her annual gross compensation earned for each year during which he or she participated in the Defined Contribution System and shall consent and agree to the transfer of his or her total account balance in the Defined Contribution System as of the most recent plan valuation immediately preceding his or her transfer to the existing Teachers Retirement System. For a person making the election provided in this section whose defined contribution account had, prior to the election, previously been divided by a qualified domestic relations order, the cost to transfer to the existing Teachers Retirement System shall be actuarially determined by the Consolidated Public Retirement Board. Upon verification of that person's eligibility to return to participation in the existing Teachers Retirement System and the tender and transfer of funds as provided in this subsection, a person making this election shall receive service credit for the time the member participated in the Defined Contribution System as if his or her participation had been in the existing Teachers Retirement System: Provided further, That the right to terminate participation in the Defined Contribution System and to resume participation in the existing Teachers Retirement System as provided in this section is irrevocable and shall not apply to any person who, while a member of the Teachers Retirement System, voluntarily elected to terminate his or her membership in the Teachers Retirement System and to become a participant in the Defined Contribution System pursuant to section eight of this article become a member of the Teachers Retirement System upon meeting the requirements provided in article seven-c of this chapter.
(e) Any employee whose employment with an employer was suspended or terminated while he or she served as an officer with a statewide professional teaching association, is eligible for readmission to the existing retirement system in which he or she was a member.
(f) An employee whose employment with an employer or an existing employer is suspended as a result of an approved leave of absence, approved maternity or paternity break in service or any other approved break in service authorized by the Board is eligible for readmission to the existing retirement system in which he or she was a member.
(g) In all cases in which a question exists as to the right of an employee to readmission to membership in the existing Teachers Retirement System, the Consolidated Public Retirement Board shall decide the question.
(h) Any individual who is not a "member" or "employee" as defined by section two of this article and any individual who is a leased employee is not eligible to participate in the Teachers Defined Contribution System. For purposes of this section, a "leased" employee means any individual who performs services as an independent contractor or pursuant to an agreement with an employee leasing organization or other similar organization. In all cases in which a question exists as to whether an individual is eligible for membership in this system, the Consolidated Public Retirement Board shall decide the question.
(i) Effective the first day of July, two thousand five and continuing through the first day of two thousand six, any employee of River Valley Child Development Services, Inc., who is a member of the Teachers' Defined Contribution Retirement System may elect to withdraw from membership and join the private pension plan provided by River Valley Child Development Services, Inc.
(j) River Valley Child Development Services, Inc., and its successors in interest shall provide for their employees a pension plan in lieu of the Teachers' Defined Contribution Retirement System on or before the first day of July, two thousand five, and continuing thereafter during the existence of the River Valley Child Development Services, Inc., and its successors in interest. All new employees hired after the thirtieth day of June, two thousand five, shall participate in the pension plan in lieu of the Teachers' Defined Contribution Retirement System.
(k) The administrative body of River Valley Child Development Services, Inc., shall, on or before the first day of June, two thousand five, give written notice to each employee who is a member of the Teachers' Defined Contribution Retirement System of the option to withdraw from or remain in the system. The notice shall include a copy of this section and a statement explaining the member's options regarding membership. The notice shall include a statement in plain language giving a full explanation and actuarial projection figures, prepared by an independent actuary, in support of the explanation regarding the individual member's current account balance, vested and nonvested, and his or her projected return upon remaining in the Teacher's Defined Contribution Retirement System until retirement, disability or death, in comparison with the projected return upon withdrawing from the Teachers' Defined Contribution Retirement System and joining a private pension plan provided by River Valley Child Development Center, Inc., and remaining therein until retirement, disability or death. The administrative body shall keep in its records a permanent record of each employee's signature confirming receipt of the notice.
§18-7B-7a. Plan closed to persons employed for the first time after June, 2005; former employees.

The Retirement System created and established in this article shall be closed and no new members accepted in the system after the thirtieth day of June, two thousand five. Notwithstanding the provisions of sections seven and eight of this article, all persons who are regularly employed for full-time service as a member or an employee whose initial employment commences after the thirtieth day of June, two thousand five, shall become a member of the State Teachers' Retirement System created and established in article seven-a of this chapter: Provided, That any person rehired after the thirtieth day of June, two thousand five, shall become a member of the Teachers' Defined Contribution Retirement System created and established in this article, or of the Teachers Retirement System created and established in article seven-a of this chapter, depending upon which system he or she last contributed to while he or she was employed with an employer mandating membership and contributions to one of those plans: Provided, however, That if, and only if, the Teachers' Defined Contribution Retirement System is merged and consolidated with the Teachers Retirement System pursuant to the provisions of article seven-c of this chapter, then all employees shall be a member of the Teachers Retirement System as of the first day of July, two thousand six, as provided in article seven-c of this chapter a rehired person who thereby becomes a member of the Teachers' Defined Contribution Retirement System may thereafter become a member of the Teachers Retirement System if within the applicable time periods and upon meeting the requirements provided in article seven-c of this chapter.
§18-7B-8. Voluntary participation in system; expiration of right to elect membership in defined contribution system.

(1) Any employee who is a member of the existing retirement system may, upon written election, voluntarily elect membership in the defined contribution system, on a prospective basis, on or after the first day of July, one thousand nine hundred ninety-one. All benefits earned by any employee making such voluntary election under the existing retirement system prior to such a voluntary election shall be frozen and made available to that employee upon retirement as provided by the existing retirement system. A member of the existing retirement system who has less than five years of contributing service in the existing retirement system may elect to withdraw his or her contribution plus interest thereon as if such member is terminating employment and upon withdrawal shall deposit such funds in the defined contribution system: Provided, That such member's years of contributing service in the existing system shall be applied toward the years of employment service required under section eleven of this article: Provided, however, That this election shall be allowed on a retroactive basis to the first day of July, one thousand nine hundred ninety-one. For the purposes of this section, "frozen" means that the member's salary, years of service and any other factor to determine benefits shall be calculated as of the date that the member elected membership in the defined contribution system and after that date no increase in salary, years of service or any other factor may be used to increase the retirement benefit above that which it would be if a person retired upon the date that the election is made. After having made such election, the employee may not change such election or again become a member of the existing retirement system.
(2) Notwithstanding any provision of this section to the contrary, after the thirtieth day of June, two thousand five, no person who is a member of the state teachers retirement system may elect membership in the teachers' defined contribution system.
ARTICLE 7C. MERGER OF TRANSFER FROM TEACHERS' DEFINED CONTRIBUTION RETIREMENT SYSTEM WITH TO STATE TEACHERS RETIREMENT SYSTEM.

§18-7C-1. Short title.
This article may be cited as the "Teachers Retirement Equity Transfer Act".
§18-7C-2. Legislative findings and purpose.
(a) The Legislature declares that the State of West Virginia and its citizens have always believed in a strong public education system. The Constitution of this state mandates a thorough and efficient public education system. The Legislature notes that the quality of our state's education system is dependent, inter alia, upon the motivation and quality of its teachers and educational service personnel.
(b) The Legislature finds and declares that the State of West Virginia is privileged to be the home of some of the best teachers and education service personnel in this nation and that our teachers and education service personnel are dedicated and hard-working individuals. The Legislature further finds and declares that our teachers and education service personnel deserve a retirement program whereby they know in advance what their retirement benefit will be, a defined benefit retirement program where our teachers and service personnel will not have to bear the risk of investment performance to receive their full retirement benefit. The Legislature notes that uncertainty exists in the investment markets, especially in the post-September eleventh era, and that placing this risk and uncertainty upon the state in the form of a defined benefit plan will protect and ensure a meaningful retirement benefit for our teachers and educational service personnel.
(c)
The Legislature declares that it is in the best interests of the teachers and education service personnel in this state, as well as its entire system of public education in this state, and conducive to the fiscal solvency of the State Teachers Retirement System, that members of the Teachers' Defined Contribution Retirement System be merged with afforded the opportunity to transfer from that retirement system to the State Teachers Retirement System in a manner that is consistent with the prudent and fiscally sound management of the State Teachers Retirement System .
(d) The Legislature also finds that a fiscally sound retirement program with an ascertainable benefit aids in the retention and recruitment of teachers and school service personnel and that the provisions of this article are designed to accomplish the goals set forth in this section.
(e) The Legislature has studied this matter diligently and in making the determination to merge the two plans has availed itself of an actuarial study of the proposed merger by the actuary of the Consolidated Public Retirement Board and has engaged the service of two independent actuaries.
(f) The Legislature further finds and declares that members of a defined contribution system who must bear the attendant market risk and performance of their investments are truly being provided a significant and greater benefit where the defined contribution system is replaced with a defined benefit system in which the employer bears the risk of market fluctuations and investment performance, especially where those members decide through an election process whether to trade the defined contribution system for a defined benefit system.
(b) It is the purpose of this article to provide a process for members of the Teachers' Defined Contribution Retirement System to transfer to the State Teachers Retirement System in the manner the Legislature has determined by this enactment to be the most conducive to the prudent and fiscally sound management of the State Teachers Retirement System.
§18-7C-3. Definitions.
As used in this article, unless the context clearly requires a different meaning:
(1) "Actively contributing member of the Teachers' Defined Contribution Retirement System" means a member of that retirement system who was actively contributing to the Teachers' Defined Contribution Retirement System on the thirty-first day of December, two thousand seven.
(2) "Affirmatively elect to transfer" means the voluntary execution and delivery to the Consolidated Public Retirement Board by a member of the Teachers' Defined Contribution Retirement System of a document in a form prescribed by the Board that irrevocably authorizes the Board to transfer the member and all the member's assets in the Teachers' Defined Contribution Retirement System to the State Teachers Retirement System;
(3) "Assets" means all member contributions and employer contributions made on the member's behalf to the Defined Contribution Retirement System and earnings thereon, less any applicable fees as approved by the board: Provided, That if a member has withdrawn or cashed out any amounts, the amounts must have been repaid.
(2)(4) "Board" means the Consolidated Public Retirement Board established in article ten-d, chapter five of this code, and its employees.
(3) "Date of merger" means, in the event of a positive vote on the merger, the first day of July, two thousand six.
(4)(5) "Defined Contribution Retirement System" means the Teachers' Defined Contribution Retirement System established in article seven-b of this chapter.
(5)(6) "Salary" means:
(A) For a member contributing to the Defined Contribution Retirement System during the two thousand five seven fiscal year, the actual salary earned for the two thousand five seven fiscal year divided by the employment service earned in the two thousand five seven fiscal year.
(B) For a member not contributing to the Defined Contribution Retirement System during the two thousand five seven fiscal year, the contract salary on the date of rehire.
(6)(7) "State Teachers Retirement System" means the State Teachers Retirement System established in article seven-a of this chapter.
§18-7C-4. Merger Voluntary transfers.
(a) Subject to In accordance with the provisions of subsection (b) of this section article, on the first day of July, two thousand six, the Consolidated Public Retirement Board shall effect the voluntary transfer of members of the Defined Contribution Retirement System shall be merged and consolidated with to the State Teachers Retirement System. pursuant to the provisions of this article.
(b) If a majority of the eligible voting at least seventy-five percent of actively contributing members of the Teachers' Defined Contribution Retirement System affirmatively elect to transfer to the State Teachers Retirement System within the period provided in section eight of this article, then the Consolidated Public Retirement Board shall transfer to the State Teachers Retirement System, effective the first day of July, two thousand eight, all members who affirmatively elected to do so during that period. If at least seventy-five percent of actively contributing members of the Teachers' Defined Contribution Retirement System do not affirmatively elect to transfer to the State Teachers Retirement System within that period, do not elect in favor of the merger, then all of the provisions of this article are void and of no force and effect and the Defined Contribution Retirement System continues as the retirement system for all members in that system as of the thirtieth day of June, two thousand six eight.
§18-7C-5. Notice, education, record-keeping requirements.
(a) Commencing not later than the first fifteenth day of August, two thousand five March, two thousand eight, the Consolidated Public Retirement Board shall begin an educational program with respect to the voluntary transfer of members of merger of the Defined Contribution Retirement System with and their assets to the State Teachers Retirement System.
(1) This educational program shall address, at a minimum:
(A) The law providing for the merger transfer;
(B) The mechanics of the merger transfer;
(C) The election process processes by which a member may affirmatively elect to transfer;
(D) Relevant dates and time periods;
(E) The benefits, potential advantages and potential disadvantages if members fail or refuse to approve the merger affirmatively elect to transfer and thereby elect to remain in the Defined Contribution Retirement System;
(F) The benefits, potential advantages and potential disadvantages of becoming a member of the State Teachers Retirement System;
(G) Potential state and federal tax implications in general attendant to the various options available to the members; and
(H) Any other pertinent information considered relevant by the board.
(2) The board shall disseminate the information through:
(A) Its website;
(B) Computer programs;
(C) Written or electronic materials, or both, delivered to each member;
(D) Classes or seminars, if in the best judgment of the board classes or seminars are required to provide the necessary education for a member to make an informed decision with respect to the election opportunity to affirmatively elect to transfer;
(E) At the discretion of the board, through a program of individual counseling which is optional on the part of the member; and
(F) Through any other educational program considered necessary by the board.
(3) During the period provided by this section for the educational program, each county board of education and its superintendent shall allow representatives of the Consolidated Public Retirement Board entry upon the premises of each school in this state where the Consolidated Public Retirement Board determines it to be appropriate on at least one occasion for the duration of at least sixty minutes during regular school hours to provide such educational programs as the Consolidated Public Retirement Board may determine appropriate for members of the Teachers' Defined Contribution Retirement System.
(b) The board shall provide each member with a copy of the written or electronic educational materials and with a copy of the notice of the election opportunity to affirmatively elect to transfer, to the extent deliverable, by mailing a copy thereof, first class postage prepaid, through the United States mails to the most current mailing address provided by the member to the board. The board is not required to deliver, nor is any member entitled to delivery of, these materials by any other means.
(1) The notice shall provide full and appropriate disclosure regarding the merger and the election process by which a member may affirmatively elect to transfer, including the date period of the election opportunity to affirmatively elect to transfer.
(2) The board also shall cause notice of the election opportunity to affirmatively elect to transfer to be published in at least ten newspapers of general circulation in this state. This notice shall be:
(A) By Class III legal advertisement published in accordance with the provisions of article three, chapter fifty-nine of this code; and
(B) Published not later than thirty days prior to the beginning of the election period and not sooner than sixty days prior to the beginning of the election period pursuant to section eight of this article at such time or times as the board, in its discretion, may determine.
(c) It is the responsibility of each member of the Defined Contribution Retirement System to keep the board informed of his or her current address. A member who does not is considered to have waived his or her right to receive any information from the board with respect to the purposes of this article.
(d) Once the board has complied with the provisions of this section, each member of the Defined Contribution Retirement System is considered to have actual notice of the election opportunity to affirmatively elect to transfer and all matters pertinent to the election thereto.
§18-7C-6. Conversion of assets from Defined Contribution Retirement System to State Teachers Retirement System; contributions; loans.

(a) If a majority of members voting elect to merge the Defined Contribution Retirement System into the State Teachers Retirement System:
(1) The consolidation and merger is governed by the provisions of this article;
(2) The Defined Contribution Retirement System does not exist after the thirtieth day of June, two thousand six; and
(3)
If at least seventy-five percent of actively contributing members of the Teachers' Defined Contribution Retirement System affirmatively elect to transfer to the State Teachers Retirement System within the period provided in section eight of this article, then the Consolidated Public Retirement Board shall transfer the members and all properties held in the Defined Contribution Retirement System's Trust Fund in trust for those members who affirmatively elected to do so during that period to the State Teachers Retirement System, effective on the first day of July, two thousand eight. All members of that system become members of the State Teachers Retirement System as provided in this article.
(b) Following the election, if the vote is in favor of the merger, the board shall transfer all properties held in the Defined Contribution Retirement System's Trust Fund to the State Teachers Retirement System.
(c)(b) To receive full credit in the State Teachers Retirement System for service in the Defined Contribution Retirement System for which assets are transferred, members who affirmatively elected to transfer within the period provided in section eight of this article shall pay into the State Teachers Retirement System a one and one-half percent contribution. This contribution shall be calculated as one and one-half percent of the member's estimated total earnings for which assets are transferred. Except as otherwise provided in this section, each member shall pay the contribution required no later than the thirtieth day of June, two thousand seven nine.
(1) For a member contributing to the Defined Contribution Retirement System at any time during the two thousand five eight fiscal year and commencing membership in the State Teachers Retirement System on the first day of July, two thousand six eight:
(A) The estimated total earnings shall be calculated based on the member's salary and the member's age nearest birthday on the thirtieth day of June, two thousand five seven;
(B) This calculation shall apply both an annual backward salary scale from that date for prior years' salaries and a forward salary scale for the salary for the two thousand six eight fiscal year.
(2) For a member not contributing to the Defined Contribution Retirement System during the two thousand five fiscal year:
(A) The estimated total earnings shall be calculated based on the member's salary and the member's age nearest birthday on the member's date of rehire.
(B) This calculation shall apply a backward salary scale from the member's date of rehire for prior years' salaries.
(3)
The calculations in subdivisions subdivision(1) and (2) of this subsection are based upon the salary scale assumption applied in the West Virginia Teachers Retirement System Actuarial Valuation as of the first day of July, two thousand four seven, prepared for the Consolidated Public Retirement Board. This salary scale shall be applied regardless of breaks in service.
(d) The board shall make available to each member a loan for the purpose of paying all or part of the one and one-half percent contribution required in this section. The loan shall be offered in accordance with the provisions of section thirty-four, article seven-a of this chapter.
(1) Notwithstanding any provision of this code, rule or policy of the board to the contrary, the interest rate on any such loan may not exceed seven and one-half percent per annum. The amount total amount borrowed may not exceed twelve twenty thousand dollars.
(2) In the event a loan made pursuant to this section is used to pay the one and one-half percent, the board shall make any necessary adjustments at the time the loan is made.
(3) Subject to the provisions of subdivision (4) of this section, the The board shall make this loan available for members until the thirtieth day of June, two thousand seven nine.
(4) Upon returning to employment, a member who has left employment but not withdrawn his or her funds shall pay the one and one-half percent contribution within one year of being rehired. The member is eligible for one year following the date of rehire to obtain a loan for paying the contribution.
(e) The board shall develop and institute a payroll deduction program for repayment of the loan established in this section.
(f) If the merger and consolidation is duly elected If at least seventy-five percent of actively contributing members of the Teachers' Defined Contribution Retirement System affirmatively elect to transfer to the State Teachers Retirement System within the period provided in section eight of this article:
(1) As of the first day of July, two thousand six eight, the transferred members' contribution rate becomes six percent of his or her salary or wages; and
(2) All transferred members who make a contribution into the State Teachers Retirement System on or after the first day of July, two thousand six eight, are governed by the provisions of article seven-a of this chapter, subject to the provisions of this article.
(g) Subject to the provisions of subdivision (1) of this subsection, if a member has withdrawn or cashed out part of his or her assets, that member will not receive credit for those moneys cashed out or withdrawn. The board shall make a determination as to the amount of credit a member loses based on the periods of time and the amounts he or she has withdrawn or cashed out, which shall be expressed as a loss of service credit.
(1) A member may repay those amounts he or she previously cashed out or withdrew, along with interest as determined by the board, and receive the same credit as if the withdrawal or cash-out never occurred. Such a member also shall pay the one and one-half percent contribution to receive full credit for the cashed-out or withdrawn amounts being repaid to the State Teachers Retirement System.
(2) The loan provided in this section is not available to members to repay previously cashed out or withdrawn moneys.
(3) If the repayment occurs five or more years following the cash-out or withdrawal, the member also shall repay any forfeited employer contribution account balance along with interest determined by the board.
(h) Notwithstanding any provision of subsection (g) to the contrary, if a member has cashed out or withdrawn any of his or her assets after the last day of June, two thousand one three, and that member chooses to repurchase that service after the thirtieth day of June, two thousand six eight, the member shall repay the previously distributed amounts and any applicable interest to the State Teachers Retirement System.
(i) Any service in the State Teachers Retirement System a member has before the date of the merger transfer is not affected by the provisions of this article.
(j) The board shall take all necessary steps to see that the voluntary transfers of persons and assets authorized by this article do not affect the qualified status with the Internal Revenue Service of either retirement plan.
§18-7C-7. Service credit in State Teachers Retirement System following merger transfer; adjustments.

(a) Any member who has affirmatively elected to transfer to the State Teachers Retirement System within the period provided in section eight of this article transferring all of his or her whose assets have been transferred from the Defined Contribution Retirement System to the State Teachers Retirement System pursuant to the provisions of this article and who has not made any withdrawals or cash-outs from his or her assets is entitled to service credit in the State Teachers Retirement System for each year or part of a year, as governed by the provisions of article seven-a of this chapter, the member worked and contributed to the Defined Contribution Retirement System.
(b) Any such member who has made withdrawals or cash outs will receive service credit based upon the amounts transferred. The board shall make the appropriate adjustment to the service credit the member will receive.
(c) Any such member's Defined Contribution Retirement System service credit will be reduced by twenty-five percent if the member does not pay the one and one-half percent contribution required by this article upon transfer to the State Teachers Retirement System.
(d) Notwithstanding any provision of this code to the contrary, the retirement of a member who becomes eligible to retire after the member's assets are transferred to the state Teachers Retirement System pursuant to the provisions of this article may not commence prior to the first day of September, two thousand eight.
§18-7C-8. Election Period for affirmative election to transfer; board may contract for professional services.
(a) The board shall arrange for and hold an election for provide the members of the Defined Contribution Retirement System who are eligible to vote, pursuant to the provisions of subsection (d) of this section, on the issue of merging and consolidating the an opportunity to voluntarily execute and deliver to the Consolidated Public Retirement Board a written document in a form prescribed by the Board that irrevocably authorizes the Board to transfer the member and all the member's assets in the Teachers' Defined Contribution Retirement System into to the State Teachers Retirement System in accordance with the provisions of this article.
(b) If a majority of the eligible voters casting ballots in the election votes in the affirmative on the issue at least seventy-five percent of actively contributing members of the Teachers' Defined Contribution Retirement System affirmatively elect to transfer to the State Teachers Retirement System:
(1) All members of the Defined Contribution Retirement System will transfer, or have transferred, all assets held by them or on their behalf in the Defined Contribution Retirement System to the State Teachers Retirement System The Consolidated Public Retirement Board shall, for each member who affirmatively elected to transfer as provided in this section, transfer the assets held in the Defined Contribution Retirement System's Trust Fund in trust for that member to the State Teachers Retirement System on the first day of July, two thousand eight;
(2) On the date of the merger first day of July, two thousand eight, each member of those members becomes a member and is entitled to the benefits of the State Teachers Retirement System; and
(3) Each member is governed by the provisions of the State Teachers Retirement System subject to the provisions of this article.
(c) If fewer than one half of the members eligible to vote of the Defined Contribution Plan cast ballots in the election, the election is not valid and binding seventy-five percent of actively contributing members of the Teachers' Defined Contribution Retirement System affirmatively elect to transfer to the State Teachers Retirement System, the transfers described in this section shall not occur.
(d) Any person who has one dollar or more in assets in the Defined Contribution Retirement System on the last day of December, two thousand five seven, may and is eligible to vote in the election affirmatively elect to transfer to the State Teachers Retirement System as provided in this section. For purposes of this article, however:
(1) The tabulation of the percentage required for transfer as required in this article shall only include documents affirmatively electing to transfer submitted under the provisions of this subsection by those who are actively contributing members of the Teachers' Defined Contribution Retirement System as that term is defined in section three of this article; and
(2) Notwithstanding the opportunity to submit documents affirmatively electing to transfer extended by this article to members other than those who are actively contributing members of the Teachers' Defined Contribution Retirement System, there shall be no duty or other obligation on the part of the Board to provide any education, information, notice or other thing regarding matters contained in this article to members who are not actively contributing members of the Teachers' Defined Contribution Retirement System regarding any matter described in this article, nor any right on the part of those other members to receive the same
.
(e) Notwithstanding any other provision of this code to the contrary, the board may do all things necessary and convenient to maintain the Defined Contribution Retirement System and the State Teachers Retirement System during the transitional period and may retain the services of the professionals it considers necessary to do so. The board may also retain the services of the professionals it deems necessary to:
(1) Assist
assist in the preparation of the educational materials, for members of the Defined Contribution Retirement System who are eligible to vote on the merger to inform these members of their options in the election;
(2) Assist in
the educational process, of the members who are eligible to vote on the merger;
(3) Assist in the election process and the election
and the process for the submission of the documents whereby members may affirmatively elect to transfer;, and
(4) Ensure ensure compliance with all relevant state and federal laws.
(f) Due to the time constraints inherent in the merger process initial processes established for the submission of documents affirmatively electing to transfer set forth in this article in specific, and due to the nature of the professional services required by the Consolidated Public Retirement Board in general, the provisions of article three, chapter five-a of this code, relating to the Division of Purchasing of the Department of Administration do not apply to any materials, contracts for any actuarial services, investment services, legal services or other professional services authorized under the provisions of this article.
(g) The election submission of the documents whereby members may affirmatively elect to transfer may be held through certified mail or in any other method the board determines is in the best interest of the members. Each ballot shall contain the following language, in bold fifteen-point type: "By casting this ballot I am making an educated, informed and voluntary choice as to my retirement and the retirement system of which I wish to be a member. I am also certifying that I understand the consequences of my vote in this election." Each ballot shall be signed by the member voting. The board shall retain the ballots in a permanent file. Any unsigned ballot is void.
(h) The election period for submission of the documents whereby members may affirmatively elect to transfer shall begin not later than the first day of March May, two thousand six eight. The board shall ascertain the results of the election submissions not later than the last day of March May, two thousand six eight. The board shall certify the results of the election submissions to the Governor, the Legislature and the members not later than the fifth day of April June, two thousand six eight.
(i) The election submission period terminates and votes submissions may not be cast or counted after the twelfth day of March May, two thousand six eight, unless the election is conducted submissions are permitted through the United States mail. If conducted submissions are permitted through the mail, any ballot submission postmarked later than the twelfth day of March May, two thousand six eight, is void and may not be counted.
(j) The board shall take all necessary steps to see that the merger does not affect the qualified status with the Internal Revenue Service of either retirement plan.
§18-7C-9. Election Results considered final.
(a) The election is considered final and each member, whether he or she voted or failed to vote, is bound by the results of the election. Every member of the Teachers' Defined Contribution Retirement System is considered to have made an informed, educated, knowing and voluntary decision and choice with respect to the election opportunities provided by this article to transfer membership and assets to the State Teachers Retirement System. Those members Each member who failed or refused to vote are affirmatively elect to transfer is also considered to have made an informed, educated, knowing and voluntary decision and choice with respect to the election and voting thereto and are is bound by the results thereof. of the election as if he or she had voted in the election.
(b) Only one election may be held pursuant to the provisions of this article.
§18-7C-10. Qualified domestic relations orders.
Any member having a qualified domestic relations order against his or her defined contribution account is allowed to repurchase service in the State Teachers Retirement System. The member shall repay any moneys previously distributed to the alternate payee along with the interest as set by the board. The member shall repay by the last day of June, two thousand twelve fourteen. The provisions of this section are void and of no effect if the members fail to elect to merge and consolidate there is no transfer from the Defined Contribution Retirement System with to the State Teachers Retirement System. An alternate payee is not, solely as a result of that status, a member of either the Defined Contribution Retirement System or the State Teachers Retirement System for any purpose under the provisions of this article and no interest held by the alternate payee is transferred to the State Teachers Retirement System pursuant thereto.
§18-7C-11. Vesting.
Any member who works one hour or more after the date of merger occurs his or her assets are transferred to the state teachers retirement system pursuant to this article is subject to the vesting schedule set forth in article seven-a of this chapter: Provided, That if a member is vested under the Defined Contribution Retirement System and his or her last contribution was not made to the State Teachers Retirement System, that member is subject to the vesting schedule set forth in article seven-b of this chapter.
§18-7C-12. Minimum guarantees.
(a) Any member of the Defined Contribution Retirement System who has made a contribution to the State Teachers Retirement System after the date of merger his or her assets are transferred to the state teachers retirement system pursuant to this article is guaranteed a minimum benefit equal to his or her member contributions plus the vested portion of employer contributions made on his or her behalf to the Defined Contribution Retirement System as of the thirtieth day of June, two thousand six eight, plus any earnings thereon, as stated by the board or the board's professional contractor.
(b) A member of the Defined Contribution Retirement System who has made contributions to the State Teachers Retirement System after the thirtieth day of June, two thousand six, where the Defined Contribution Retirement System has been merged into the State Teachers Retirement System his or her assets are transferred to the state teachers retirement system pursuant to this article, upon eligibility to receive a distribution under article seven-a of this chapter, shall have at a minimum the following three options:
(1) The right to receive an annuity from the State Teachers Retirement System based upon the provisions of article seven-a of this chapter;
(2) The right to withdraw from the State Teachers Retirement System and receive his or her member accumulated contributions in the State Teachers Retirement System, plus regular interest thereon, as set forth in article seven-a of this chapter; or
(3) The right to withdraw and receive his or her member contributions plus the vested portion of employer contributions made on his or her behalf to the Defined Contribution Retirement System, plus any earnings thereon as of the date of the merger his or her assets are transferred to the state teachers retirement system pursuant to this article, as determined by the board or its professional third-party benefits administrator pursuant to the vesting provisions of section twelve of this article. This amount may shall be distributed in a lump sum or in periodic payments as elected by the member.
(c) Any member of the Defined Contribution Retirement System who makes no contribution to the State Teachers Retirement System following approval of the merger and following the date of merger after his or her assets are transferred to the state teachers retirement system pursuant to this article is guaranteed the receipt of the amount in his or her total vested account in the Defined Contribution Retirement System on the date of merger the transfer, plus interest thereon, at four percent accruing from the date of merger the transfer. This amount may shall be distributed in a lump sum or in periodic payments as elected by the member.
§18-7C-13. Due process and right to appeal.
Any If the board determines that at least seventy-five percent of actively contributing members of the Teachers' Defined Contribution Retirement System affirmatively elected to transfer to the State Teachers Retirement System within the period provided in section eight of this article, any person aggrieved by any determination made by the board thereafter following the election, if the result of the election is in favor of merger and consolidation, may petition the board and receive an administrative hearing on the matter in dispute. The administrative decision may be appealed to a circuit court.
§18-7C-14. Nonseverability Additional opportunity for transfer.
If any provision of this article is held unconstitutional or void, the remaining provisions of this article shall be void and of no effect and, to this end, the provisions of this article are hereby declared to be nonseverable.
(a) If at least seventy-five percent of actively contributing members of the Teachers' Defined Contribution Retirement System affirmatively elect to transfer to the State Teachers Retirement System within the period provided in section eight of this article, then members of the Defined Contribution Retirement System who failed or refused to affirmatively elect to transfer within the period provided in said section eight shall have one additional opportunity to affirmatively elect to transfer, subject to the conditions and limitations provided by this section.
(b) The additional opportunity described in subsection (a) of this section is available only if, beginning the first day of July, two thousand eight through the thirty-first day of December, two thousand eight, the member voluntarily executes and delivers to the Consolidated Public Retirement Board a written document in a form prescribed by the Board that irrevocably authorizes the Board to transfer the member and all the member's assets in the Teachers' Defined Contribution Retirement System to the State Teachers Retirement System. The provisions of section five of this article requiring notice, counseling or any other manner of education are not applicable to the provisions of this section.
(c)(1) In the event the member affirmatively elects to transfer to the State Teachers Retirement System within the period provided in subsection (b) of this section, then the Consolidated Public Retirement Board shall transfer the member and all properties held in the Defined Contribution Retirement System's Trust Fund in trust for the member to the State Teachers Retirement System, effective on the first day of July, two thousand nine, subject to conditions provided in subdivision (2) of this subsection:
(2) To receive full credit in the State Teachers Retirement System for service in the Defined Contribution Retirement System for which assets are transferred, the member shall pay into the State Teachers Retirement System a one and one-half percent contribution. This contribution shall be calculated as one and one-half percent of the member's estimated total earnings for which assets are transferred, plus interest of seven and one-half percent compounded per annum accumulated from the date of the member's initial participation in the Defined Contribution Retirement System. Except as otherwise provided in this section, each member shall pay the contribution required no later than the thirtieth day of June, two thousand ten.
(A) For a member contributing to the Defined Contribution Retirement System at any time during the two thousand nine fiscal year and commencing membership in the State Teachers Retirement System on the first day of July, two thousand nine:
(i) The estimated total earnings shall be calculated based on the member's salary and the member's age nearest birthday on the thirtieth day of June, two thousand eight;
(ii) This calculation shall apply both an annual backward salary scale from that date for prior years' salaries and a forward salary scale for the salary for the two thousand nine fiscal year.
(B)
The calculations in paragraph (A) of this subdivision are based upon the salary scale assumption applied in the West Virginia Teachers Retirement System Actuarial Valuation as of the first day of July, two thousand eight, prepared for the Consolidated Public Retirement Board. This salary scale shall be applied regardless of breaks in service.
(d) Notwithstanding any provision of section six of this article to the contrary, the loan made available under section six of this article shall be made available for members who are transferred on the first day of July, two thousand nine, until the thirtieth day of June, two thousand ten.
(e) Except as provided in this section, the remainder of the provisions of this article that are applicable to members who are transferred on the first day of July, two thousand eight, are applicable to members who are transferred on the first day of July, two thousand nine
(f)(1) After the thirtieth day of June, two thousand nine, the Consolidated Public Retirement Board may not transfer any member of the Defined Contribution Retirement System who fails or refuses to affirmatively elect to transfer within the additional period provided in this section except as provided in subdivision (2) of this subsection.
(2) A member of the Defined Contribution Retirement System who fails to affirmatively elect to transfer because he or she is on extended medical leave covered by Workers' Compensation, or on maternity leave, or was performing service in the Armed Forces of the United States, may affirmatively elect to transfer after the expiration of the period described in this section, subject to the conditions provisions of this section, if the member submits the required document in a form prescribed by the Board that irrevocably authorizes the Board to transfer the member and all the member's assets in the Teachers' Defined Contribution Retirement System to the State Teachers Retirement System within thirty days after the member returns to employment.
§18-7C-15. Funding.
To the extent that the Legislature determines that the operation of the amendment and reenactment of this article in two thousand eight may cause additional unfunded actuarially accrued liability in the State Teachers Retirement System, the amounts provided by the Legislature through appropriations made for the purpose of offsetting the additional unfunded actuarially accrued liability shall be applied, together with any savings therefrom, to the full amortization of the additional amount through two thousand thirty-four.
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