H. B. 4168
(By Delegates Spencer, Pethtel, Givens,
Reynolds, Stephens, Canterbury and Duke)
[Introduced January 25, 2010; 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 §16-5V-9a, relating
to the Emergency Medical Services Retirement System; and
authorizing the purchase of previous service of eligible
emergency medical service officers who transferred into the
Emergency Medical Services Retirement System from the Public
Employees Retirement System (PERS).
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 §16-5V-9a, to read as
follows:
ARTICLE 5V.á EMERGENCY MEDICAL SERVICES RETIREMENT SYSTEM ACT.
§16-5V-9a. Purchase of service for members who have transferred
from the Public Employees Retirement System.
Notwithstanding the provisions of section nine of this article to the contrary, eligible emergency medical services officers who
transfer or have transferred from the Public Employees Retirement
System shall have retroactive service, as defined by section two,
article ten, chapter five of this code, and shall have the
retroactive service recognized under this plan through the purchase
of service through payment by the member of sixty percent of the
actuarial accrued liabilities which would result if the service is
credited under the Emergency Medical Services Retirement System
subject to the following:
(1) The service may be purchased in one-year increments of
eligible service for the total period of eligible service;
(2) Payment must be made in either a one-time lump sum payment
received by the board no later than December 31, 2010, or in
regular installment payments payable over sixty months with the
initial installment received by the board on or before December 31,
2010;
(3) The rate of interest applicable to regular installment
payments for the purchase of service shall be the actuarial
interest rate assumption as approved by the board for completing
the actuarial valuation for the plan year immediately preceding the
first day of the plan year in which the service purchase is made,
compounded per annum;
(4) Once payments commence, selection of the period of service
being purchased may not be amended; and
(5) Service will be credited only upon receipt by the board of
all payments due.
NOTE: This bill was recommended for introduction and passage
by the Joint Committee on Pensions and Retirement. The purpose of
this bill is to allow the purchase of retroactive service credit
for those emergency services officers who transferred from PERS,
but had not already purchased this retroactive service credit prior
to or after transferring from the Public Employees Retirement
System.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.