H. B. 3085
(By Delegates Houston and Marshall)
[Introduced March 17, 2005; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §18-7A-35d, relating
to providing the option for new public school employees (i.e.,
employees with less than thirty-six months of consecutive
employment)to transfer deposits from the Defined Contribution
Retirement System and opt into the State Teachers Retirement
System with the payment of additional sums in amounts to be
determined by the State Retirement Board calculated to insure
actuarial soundness of the fund.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §18-7A-35d, to read as
follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-35d. New employees' option to transfer from Defined Contribution System.
Notwithstanding any provision of this code to the contrary,
any new employee of the Teachers Retirement System who prefers that
his or her contributions be included in the Defined Contribution
Retirement System under the provisions of article seven-b of this
chapter, shall be afforded the option to convert to the retirement
system provided under this article. For the purposes of this
provision, the term "new employee" means any person whose
qualifying employment is less than thirty-six consecutive months.
In order to enlist into the State Teachers Retirement System, the
new employee must deposit in the Teachers Accumulation Fund
established under the provisions of section eighteen of this
article, a sum in an amount sufficient to insure the actuarial
soundness of the fund which sum shall be established by the
Teachers Retirement Board. The new employee may, additionally,
deposit any additional sum accumulated under the Defined
Contribution Retirement System since the beginning of the new
employee's employment. Any sums deposited shall be deposited
together with interest thereon at a rate percentage per annum
sufficient to insure the actuarial soundness of the fund. The
Teachers Retirement Board shall propose legislative rules in
accordance with article three, chapter twenty-nine-a, designed to
effectuate this provision.
NOTE: The purpose of this bill is to provide the option for
new public school employees (i.e., employees with less than
thirty-six months of consecutive employment)to transfer deposits
from the Defined Contribution Retirement System and opt into the
State Teachers Retirement System with the payment of additional
sums in amounts to be determined by the State Retirement Board,
calculated to insure actuarial soundness of the Teacher's
Retirement System Fund.
This section is new; therefore, strike-throughs and
underscoring have been omitted.
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