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Introduced Version House Concurrent Resolution 57 History

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HOUSE CONCURRENT RESOLUTION 57

(By Delegates Walters, Westfall and Howell)

[Introduced March 7, 2017]

 

Requesting the Joint Committee on Government and Finance study closing the West Virginia Public Employees Retirement System and the West Virginia Teachers Retirement System to employees newly hired on or after July 1, 2018 and providing new 401K type retirement plans for those employees.

Whereas, The Legislature finds that providing retirement benefits for employees is in the best interests of both employers and employees; and

Whereas, The Legislature finds that the state’s contribution obligation to present defined benefit retirement plans places a disproportionate obligation on the employer as opposed to the employee; and

Whereas, For some employees, a portable 401K plan better meets the needs of the employee; and

Whereas, Many states have concluded in recent years that defined benefit retirement plans are an unsustainable burden on employers; and

Whereas, The state’s burden to sustain these two pension plans for additional members threatens the financial integrity of the plans; and

Whereas, The State of West Virginia finds that it is no longer prudent to continue providing benefits under the Public Employees Retirement System and the Teachers Retirement System to persons newly hired on or after July 1, 2018; therefore, be it

Resolved by the Legislature of West Virginia:

That the Joint Committee on Government and Finance is hereby requested to study, in cooperation with the West Virginia Consolidated Public Retirement Board, appropriate 401K type retirement plans to be established for employees hired after July 1, 2018, who would otherwise be eligible for membership in the Public Employees Retirement System or the Teachers Retirement System; and, be it

Further Resolved, That the Joint Committee on Government and Finance report to the regular session of the Legislature, 2018, on its findings, conclusions and recommendations, together with drafts of any legislation necessary to effectuate its recommendations; and, be it

Further Resolved, That the expenses necessary to conduct this study, to prepare a report and to draft necessary legislation be paid from legislative appropriations to the Joint Committee on Government and Finance.

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