Introduced Version
Senate Bill 333 History
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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 333
(By Senator Foster)
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[Introduced January 21, 2010; referred to the Committee on
Pensions; and then to the Committee on Finance.]
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A BILL to amend and reenact §7-14D-7 of the Code of West Virginia,
1931, as amended, relating to the authority of the West
Virginia Consolidated Public Retirement Board to determine the
participating employer contribution rate for the Deputy
Sheriff Retirement System.
Be it enacted by the Legislature of West Virginia:
That §7-14D-7 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 14D. DEPUTY SHERIFF RETIREMENT SYSTEM ACT.
§7-14D-7. Members' contributions; employer contributions.
(a) There shall be deducted from the monthly salary of each
member and paid into the fund an amount equal to eight and one-half
percent of his or her monthly salary. An additional amount shall
be paid to the fund by the county commission of the county in which
the member is employed in covered employment in an amount determined by the board. Provided, That in no year may the total
of the contributions provided in this section, to be paid by the
county commission, exceed ten and one-half percent of the total
payroll for the members in the employ of the county commission If
the board finds that the benefits provided by this article can be
actually funded with a lesser contribution, then the board shall
reduce the required member or employer contributions or both. The
sums withheld each calendar month shall be paid to the fund no
later than fifteen days following the end of the calendar month.
(b) Any active member who has concurrent employment in an
additional job or jobs and the additional employment requires the
deputy sheriff to be a member of another retirement system which is
administered by the Consolidated Public Retirement Board pursuant
to article ten-d, chapter five of this code shall make an
additional contribution to the fund of eight and one-half percent
of his or her monthly salary earned from any additional employment
which requires the deputy sheriff to be a member of another
retirement which is administered by the Consolidated Public
Retirement Board pursuant to article ten-d, chapter five of this
code. An additional amount shall be paid to the fund by the
concurrent employer for which the member is employed in an amount
determined by the board. Provided, That in no year may the total
of the contributions provided in this section, to be paid by the
concurrent employer, exceed ten and one-half percent of the monthly
salary of the employee If the board finds that the benefits provided by this article can be funded with a lesser contribution,
then the board shall reduce the required member or employer
contributions or both. The sums withheld each calendar month shall
be paid to the fund no later than fifteen days following the end of
the calendar month.
(c)
Based on the provisions of section three of this article,
the participating public employers' contributions to the retirement
system, as determined by the Consolidated Public Retirement Board
by legislative rule promulgated in accordance with the provisions
of article three, chapter twenty-nine-a of this code, shall be a
percent of the members' monthly salary related to benefits under
this retirement system. In determining the amount, the board shall
give consideration to setting the amount at a sum equal to an
amount which will be sufficient to provide for the total normal
cost of the benefits expected to become payable to all members and
to amortize any unfunded liability found by application of the
actuarial funding method chosen for that purpose by the
Consolidated Public Retirement Board, over a period of years
determined actuarially appropriate. When proposing a rule for
promulgation which relates to the amount of employer contribution,
the board may promulgate emergency rules pursuant to the provisions
of article three, chapter twenty-nine-a of this code, if the
inability of the board to increase employer contributions will
detrimentally affect the actuarial soundness of the retirement
system. A signed statement from the state actuary shall accompany the statement of facts and circumstances constituting an emergency
which shall be filed in the
S
tate Register. For purposes of this
section, subdivision (2), subsection (b), section fifteen-a,
article three, chapter twenty-nine-a of this code is not applicable
to the Secretary of State's determination of whether an emergency
rule should be approved.
(c) (d) If any change or employer error in the records of any
participating public employer or the retirement system results in
any member receiving from the system more or less than he or she
would have been entitled to receive had the records been correct,
the board shall correct the error, and as far as is practicable
shall adjust the payment of the benefit in a manner that the
actuarial equivalent of the benefit to which the member was
correctly entitled shall be paid. Any employer error resulting in
an underpayment to the retirement system may be corrected by the
member remitting the required employee contribution and the
participating public employer remitting the required employer
contribution. Interest shall accumulate in accordance with the
retirement board reinstatement interest as established in
Legislative Rule 162 CSR 7, and any accumulating interest owed on
the employee and employer contributions resulting from the employer
error shall be the responsibility of the participating public
employer. The participating public employer may remit total payment and the employee reimburse the participating public
employer through payroll deduction over a period equivalent to the
time period during which the employer error occurred.
NOTE: The purpose of this bill is to clarify the authority of
the West Virginia Consolidated Public Retirement Board to determine
the participating employer contribution rate under the provisions
of the Deputy Sheriff Retirement System and to remove the ten and
one-half percent cap on total employer contributions paid by the
county commissions and concurrent employers.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.