Introduced Version
House Bill 3289 History
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Key: Green = existing Code. Red = new code to be enacted
H. B. 3289
(By Delegates Campbell, Stowers, Fragale,
Tabb, Klempa, Hutchins and Williams)
[Introduced March 23, 2009; 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 §18-7D-6a, relating
to circumstances permitting service credit purchase by members
of the Teachers' Defined Contribution Retirement System in the
State Teachers Retirement System.
Be it enacted by the Legislature of West Virginia:
That §18-7D-6a of the Code of West Virginia, 1931, as amended,
be amended by adding thereto a new section, designated §18-7D-6a,
to read as follows:
ARTICLE 7D. VOLUNTARY TRANSFER FROM TEACHERS' DEFINED
CONTRIBUTION RETIREMENT SYSTEM TO STATE
TEACHERS RETIREMENT SYSTEM.
§18-7D-6a. Service credit purchase.
(a) Any member of the Teachers' Defined Contribution
Retirement System, who demonstrates that during the opportunity to transfer from the Teachers' Defined Contribution Retirement System
to the State Teachers Retirement System the member received
incorrect or inaccurate information from the Consolidated
Retirement Board, the member's school administrator or an employee
of a county school board, which information resulted in the failure
of the member to transfer, shall be allowed to transfer all assets
from the Teachers' Defined Contribution Retirement System to the
State Teachers Retirement System effective as if the transfer
occurred on July 1, 2008, for all retiree benefit and contribution
calculations.
(b) Any member of the Teachers' Defined Contribution
Retirement System who neglected to affirmatively meet the deadline
requirements for the transfer of assets from the Teachers' Defined
Contribution Retirement System to the State Teachers Retirement
System as a direct result of a demonstrable disabling health issue
or postage system failure and now wishes to transfer shall be
allowed to transfer all assets into the State Teachers Retirement
System. The transfer shall be effective as if it occurred on July
1, 2008, for all retiree benefit and contribution calculations.
NOTE: The purpose of this bill is to
state circumstances
permitting service credit purchase by members of the Teachers'
Defined Contribution Retirement System in the State Teachers
Retirement System.
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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