Committee Substitute
House Bill 2501 History
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COMMITTEE SUBSTITUTE
FOR
H. B. 2501
(By Delegates Campbell, Craig, Browning,
Frederick, Williams and Duke)
(Originating in the Committee on Pensions and Retirement)
[March 2, 2005]
A BILL to amend and reenact §5-10-18 of the Code of West Virginia,
1931, as amended, relating to providing for the termination of
membership in the Public Employees Retirement System of Jobs
for West Virginia's Graduates;
providing for withdrawal from
system without forfeiture of service credit; specifying time
periods; requiring pension plan in lieu of public employees
retirement system; notice; and option.
Be it enacted by the Legislature of West Virginia:
That §5-10-18 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-18. Termination of membership; reentry.
(a) When a member of the retirement system retires or dies, he
or she ceases to be a member. When a member leaves the employ of
a participating public employer for any other reason, he or she ceases to be a member and forfeits service credited to him or her
at that time. If he or she becomes reemployed by a participating
public employer he or she shall be reinstated as a member of the
retirement system and his or her credited service last forfeited by
him or her shall be restored to his or her credit: Provided, That
he or she must be reemployed for a period of one year or longer to
have the service restored: Provided, however, That he or she
returns to the members' deposit fund the amount, if any, he or she
withdrew from the fund, together with regular interest on the
withdrawn amount from the date of withdrawal to the date of
repayment, and that the repayment begins within two years of the
return to employment and that the full amount is repaid within five
years of the return to employment.
(b) The Prestera Center for Mental Health Services, Valley
Comprehensive Mental Health Center, Westbrook Health Services and
Eastern Panhandle Mental Health Center, and their successors in
interest, shall provide for their employees a pension plan in lieu
of the Public Employees Retirement System during the existence of
the named mental health centers and their successors in interest.
(c) The administrative bodies of the Prestera Center for
Mental Health Services, Valley Comprehensive Mental Health Center,
Westbrook Health Services and Eastern Panhandle Mental Health
Center shall, on or before the first day of May, one thousand nine
hundred ninety-seven, give written notice to each employee who is a member of the Public Employees 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 in support of the explanation regarding the
individual member's current account balance, vested and nonvested,
Employees Retirement System until retirement, disability or death,
in comparison with the projected return upon withdrawing from the
Public Employees Retirement System and joining a private pension
plan provided by the Community Mental Health Center and remaining
therein until retirement, disability or death. The administrative
bodies shall keep in their respective records a permanent record of
each employee's signature confirming receipt of the notice.
(d) Effective the first day of March, two thousand three, and
ending the thirty-first day of December, two thousand four, any
member may purchase credited service previously forfeited by him or
her and the credited service shall be restored to his or her
credit: Provided, That he or she returns to the members' deposit
fund the amount, if any, he or she withdrew from the fund, together
with interest on the withdrawn amount from the date of withdrawal
to the date of repayment at a rate to be determined by the Board.
The repayment under this section may be made by lump sum or repaid
over a period of time not to exceed sixty months. Where the member elects to repay the required amount other than by lump sum, the
member is required to pay interest at the rate determined by the
Board until all sums are fully repaid.
(e)(1) Jobs for West Virginia's Graduates
and their successors
in interest shall provide for their employees a pension plan in
lieu of the Public Employees Retirement System on or before the
first day of July, two thousand five, and continuing thereafter
during the existence of Jobs for West Virginia's Graduates
and its
successors in interest.
(2) Effective the first day of July, two thousand five, and
continuing through the first day of January, two thousand six, any
employee of Jobs for West Virginia's Graduates who is a member of
the Public Employees Retirement System may elect to remain an
active member of the retirement system, to withdraw from membership
in the system leaving his or her account balance and retaining
service credited to him or her, or to withdraw from membership and
cash out any balance due from his or her account.
(3) The administrative body of
Jobs for West Virginia's
Graduates
shall, on or before the first day of June, two thousand
five, give to each employee who is a member of the Public Employees
Retirement System, written notice of the option to remain in or
withdraw from the system. The notice shall include a copy of this
section of the West Virginia Code 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 Public Employees Retirement System
until retirement, disability or death, in comparison with the
projected return upon withdrawing from the Public Employees
Retirement System and joining a private pension plan provided by
Jobs for West Virginia's Graduates, and remaining therein until
retirement, disability or death. The Consolidated Public
Retirement Board shall provide projections to the independent
actuary retained by the employer relating to each current
employee's account balance, vested and nonvested, and his or her
projected return upon remaining in the Public Employees Retirement
System until retirement, disability or death. The administrative
body of
Jobs for West Virginia's Graduates
shall keep in its
records a permanent record of each employee's signature confirming
receipt of the notice.
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