HB4496 H P&R AMT 2-13
The Committee on Pensions and Retirement moves to amend the
bill on page one, by striking out the title and substituting
therefor a new title, to read as follows:
H.B. 4496 -- "A BILL to amend and reenact §18-7A-14, §18-7A-
18, §18-7A-34 and §18-7A-40 of the Code of West Virginia, 1931, as
amended; to amend and reenact §18-7B-7, §18-7B-7a and §18-7B-8 of
said code; to amend and reenact §18-7C-1, §18-7C-2, §18-7C-3, §18-
7C-4, §18-7C-5, §18-7C-6, §18-7C-7, §18-7C-8, §18-7C-9, §18-7C-10,
§18-7C-11, §18-7C-12, §18-7C-13 and §18-7C-14 of said code; and to
further amend said code by adding thereto a new section, designated
§18-7C-15, all relating to providing opportunities for members of
the teachers' defined contribution retirement system to the state
teachers retirement system; providing for contributions by
employers and members; authorizing loans to members; providing for
transfer of higher education employees who are members of the
teachers' defined contribution retirement system; providing for
transfer of certain members returning to employment with
participating employer; prohibiting transfers to teachers' defined
contribution retirement system; providing findings and purposes of
enactment; providing definitions of terms; establishing percentage
of actively contributing members of the Teachers' Defined
Contribution Retirement System voluntarily and affirmatively
electing to transfer to the State Teachers Retirement System that required to authorize those transfers; providing for notice,
counseling and other education prior to opportunity to
affirmatively electing to transfer; establishing July 1, 2008, as
effective date of transfer; requiring additional contribution upon
transfer and establishing reduction in service credit if additional
contribution not made; providing for loans to make additional
contribution and payroll deduction program for repayment;
establishing processes for members of the Teachers' Defined
Contribution Retirement System to affirmatively elect to transfer;
establishing powers and duties of the consolidated public
retirement board relating to the process and transfers; providing
for effect of transfers on qualified domestic relations orders,
vesting, and guaranteed minimum benefits; providing certain
appellate processes; and providing for additional opportunity to
transfer in certain limited circumstances; providing increased cost
to member for transferring under those circumstances; establishing
July 1, 2009, as final effective date of transfer; and providing
for funding needed to offset any additional unfunded actuarially
accrued liability."