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Introduced Version House Bill 4387 History

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Key: Green = existing Code. Red = new code to be enacted
H. B. 4387


(By Delegates Swartzmiller, DeLong,

Stalnaker,

Ennis and M. Poling)

[Introduced February 4, 2008; referred to the

Committee on Finance.]




A BILL to amend and reenact §18-7A-23 of the Code of West Virginia, 1931, as amended, relating to the teachers retirement system generally; and providing that certain beneficiaries receive an annuity when an eligible spouse has not redeemed the accumulated contributions.

Be it enacted by the Legislature of West Virginia:
That §18-7A-23 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-23. Withdrawal and death benefits.

Benefits upon withdrawal from service prior to retirement under the provisions of this article shall be as follows:
(a) A contributor who withdraws from service for any cause other than death or retirement shall, upon application, be paid his or her accumulated contributions plus refund interest up to the end of the fiscal year preceding the year in which application is made, but in no event shall interest be paid beyond the end of five years following the year in which the last contribution was made: Provided, That such contributor, at the time of application, is then no longer under contract, verbal or otherwise, to serve as a teacher; or
(b) If such the contributor has completed twenty years of total service, he or she may elect to receive at retirement age an annuity which shall be computed as provided in this article: Provided, That if such contributor has completed at least five, but fewer than twenty years of total service in this state, he or she may elect to receive at age sixty-two an annuity which shall be computed as provided in this article. The contributor must notify the retirement board in writing concerning such election. If such contributor has completed fewer than five years of service in this state, he or she shall be subject to the provisions as outlined in subsection (a) above.
Benefits upon the death of a contributor prior to retirement under the provisions of this article shall be paid as follows:
(1) If the contributor was at least fifty years old, and if his or her contributor's total service as a teacher was at least twenty-five years at the time of his or her death, then the surviving spouse of the deceased, provided the spouse is designated as the sole refund beneficiary, is eligible for an annuity computed as though the deceased were actually a retired teacher at the time of death, and had selected a survivorship option which pays the spouse the same monthly amount which would have been received by the deceased: Provided, That the provisions of this section are retroactive to all members who died on or after the first day of July, two thousand two and whose eligible spouse has not redeemed the accumulated contributions as provided in subdivision two of this subsection; or
(2) If the facts do not permit payment under the preceding paragraph (1), then the following sum shall be paid to the refund beneficiary of the contributor: The contributor's accumulated contributions with refund interest up to the year of his or her death plus the amount of his or her accumulated contributions. The latter sum shall emanate from the employer's accumulation fund.



NOTE: The purpose of this bill is to provide that certain beneficiaries receive an annuity when an eligible spouse has not redeemed the accumulated contributions and making the provision retroactive to July 1, 2002.

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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