Introduced Version
Senate Bill 717 History
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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 717
(By Senators Edgell, Jenkins, Boley, Harrison and Kessler)
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[Introduced March 21, 2005; referred to the Committee on
Pensions; and then to the Committee on Finance.]
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A BILL
to amend and reenact §5-10-18 of the Code of West Virginia,
1931, as amended, relating to permitting Wetzel County
Hospital to provide an alternate retirement plan for new
employees in lieu of participation in Public Employees
Retirement System.
Be it enacted by the Legislature of West Virginia:
That §5-10-18 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-18. Termination of membership; reentry.
(a) When a member of the Retirement System retires or dies, he
or she ceases to be a member. When a member leaves the employ of
a participating public employer for any other reason, he or she
ceases to be a member and forfeits service credited to him or her
at that time. If he or she becomes reemployed by a participating public employer he or she shall be reinstated as a member of the
Retirement System and his or her credited service last forfeited by
him or her shall be restored to his or her credit: Provided, That
he or she must be reemployed for a period of one year or longer to
have the service restored: Provided, however, That he or she
returns to the members' deposit fund the amount, if any, he or she
withdrew from the fund, together with regular interest on the
withdrawn amount from the date of withdrawal to the date of
repayment, and that the repayment begins within two years of the
return to employment and that the full amount is repaid within five
years of the return to employment.
(b) The Prestera Center for Mental Health Services, Valley
Comprehensive Mental Health Center, Westbrook Health Services and
Eastern Panhandle Mental Health Center, and their successors in
interest, shall provide for their employees a pension plan in lieu
of the Public Employees Retirement System during the existence of
the named mental health centers and their successors in interest.
(c) The administrative bodies of the Prestera Center for
Mental Health Services, Valley Comprehensive Mental Health Center,
Westbrook Health Services and Eastern Panhandle Mental Health
Center shall, on or before the first day of May, one thousand nine
hundred ninety-seven, give written notice to each employee who is
a member of the Public Employees Retirement System of the option to
withdraw from or remain in the system. The notice shall include a copy of this section and a statement explaining the member's
options regarding membership. The notice shall include a statement
in plain language giving a full explanation and actuarial
projection figures in support of the explanation regarding the
individual member's current account balance, vested and nonvested,
and his or her projected return upon remaining in the Public
Employees Retirement System until retirement, disability or death,
in comparison with the projected return upon withdrawing from the
Public Employees Retirement System and joining a private pension
plan provided by the Community Mental Health Center and remaining
therein until retirement, disability or death. The administrative
bodies shall keep in their respective records a permanent record of
each employee's signature confirming receipt of the notice.
(d) Effective the first day of March, two thousand three, and
ending the thirty-first day of December, two thousand four, any
member may purchase credited service previously forfeited by him or
her and the credited service shall be restored to his or her
credit: Provided, That he or she returns to the members' deposit
fund the amount, if any, he or she withdrew from the fund, together
with interest on the withdrawn amount from the date of withdrawal
to the date of repayment at a rate to be determined by the board.
The repayment under this section may be made by lump sum or repaid
over a period of time not to exceed sixty months. Where the member
elects to repay the required amount other than by lump sum, the member is required to pay interest at the rate determined by the
board until all sums are fully repaid.
(e) Wetzel County Hospital and its successors in interest
shall provide a pension plan in lieu of the Public Employees
Retirement System for employees hired on or after the first day of
July, two thousand five, and continuing thereafter during the
existence of Jobs for West Virginia's Graduates
and its successors
in interest.
NOTE: The purpose of this bill is to permit
Wetzel County
Hospital
to provide for employees hired on or after July 1, 2005,
an alternate pension plan in lieu of 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 adde
d