H. B. 4541
(By Delegates Jenkins, Campbell, Williams,
J. Smith, Harrison, Hubbard and Hall)
[Introduced February 15, 2000; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact section twenty-four, article seven-a,
chapter eighteen of the code of West Virginia, one thousand
nine hundred thirty-one, as amended, relating to the
disposition of accumulated contributions in the teacher
retirement system.
Be it enacted by the Legislature of West Virginia:
That section twenty-four, article seven-a, chapter eighteen
of the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-24. Disposition of accumulated contributions upon
cessation of membership.
When a contributor with fewer than five years of service
ceases to be a member because of absence from service as a teacher, his or her accumulated contributions with refund interest up to and
including the fiscal year in which his or her membership ceased,
shall be returned to him or her, or to his or her legal
representative. Five years after cessation of membership, if the
such contributor or his or her legal representative cannot be
found, his accumulated contributions with refund interest shall be
forfeited to the retirement system and credited to the reserve
fund.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.