H. B. 2774
(By Delegates Campbell, J. Smith, Keener,
Browning, Hubbard, Hall and Harrison)
[Introduced March 7, 2001; Referred to the
Committee on Pensions; then to the
Committee on Finance.]
A BILL 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.
At any time after an employee reaches the age of fifty-five
years, and subject to the provisions of section twelve-a of this
article, he or she may elect to take retirement by notifying the
board or its designee in writing of such intention not less than sixty days prior to the effective date of retirement. Retirement
payments shall commence within thirty days of the retirement date
under such payment option or options as may be provided by the
board and elected by the employee.
An alternate payee named in a qualified domestic relations
order, as defined in legislative rule promulgated pursuant to the
provisions of this article, may elect to receive any distribution
awarded him or her from this plan under such qualified domestic
relations order as soon as is administratively feasible to
determine such amount due such alternate payee without respect to
whether the member named in such qualified domestic relations order
has yet to commence receiving a distribution from this plan.
NOTE: The purpose of this bill is to allow an immediate
distribution to an alternate payee under a qualified domestic
relations order (QDRO) presented to this plan.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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