ENROLLED
H. B. 2774
(By Delegates Campbell, J. Smith, Keener,
Browning, Hubbard, Hall and Harrison)
[Passed April 14, 2001; in effect ninety days from passage.]
AN ACT to amend and reenact section twelve, article seven-b,
chapter eighteen of the code of West Virginia, one thousand
nine hundred and thirty-one, as amended, relating to allowing
immediate distribution to the alternate payee named in a
qualified domestic relations order.
Be it enacted by the Legislature of West Virginia:
That section twelve, article seven-b, chapter eighteen of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 7B. TEACHERS' DEFINED CONTRIBUTION RETIREMENT SYSTEM.
§18-7B-12. Retirement, commencement of annuity payments, payments
under a qualified domestic relations order.
(a) Subject to the provisions of section twelve-a of this
article, an employee attaining fifty-five years of age, may elect to take retirement by notifying the board or its designee in
writing of his or her intention to retire. The notice of retirement
must be received by the board or its designee no fewer than sixty
days prior to the effective date of retirement. Retirement payments
shall commence within thirty days of the retirement date under the
payment option selected by the employee.
(b) An alternate payee named in a qualified domestic relations
order may elect to receive a distribution awarded from this plan.
If the alternate payee elects, the board or its designee shall
promptly compute the amount due without regard to whether the
employee is receiving benefits at the time of election. After the
amount due has been computed, the board shall promptly initiate
payments to the alternate payee.
(c) For purposes of this section, the term "qualified domestic
relations order" means a "qualified domestic relations order" as
defined in Section 414(p) of the Internal Revenue Code with respect
to government plans.
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