HB2896 HPR AM D1
The Committee on Pensions and Retirement moves to amend the
bill on page fifteen, section twenty-five, line fifteen, by
striking the words "prior to" and inserting in lieu thereof
"after";
On page nineteen, following section four, by inserting the
following:
"§8-22A-9. Retirement; commencement of benefits; insurance
requirements during early period.
(a) To ensure the fiscal integrity of the retirement system
during the start-up phase, no member is entitled to retirement,
disability or death benefits under this retirement system until
January 1, 2013 2017. Participating municipalities shall purchase
insurance for their new plan members to provide coverage in an
amount equal to disability coverage otherwise provided in sections
seventeen and eighteen of this article and death benefits otherwise
provided in sections twenty, twenty-two and twenty-three of this
article for claims arising before January 1, 2013: Provided, That
pursuant to the amendments made to this subsection during the two
thousand thirteen regular session of the Legislature, participating
municipalities shall reinstate or purchase the insurance coverage
for all plan members no later than July 1, 2013 and continue
coverage through January 1, 2017.
(b) A member may retire and commence to receive retirement income payments on the first day of the calendar month following
written application for his or her voluntary petition for
retirement coincident with or next following the later of the date
the member ceases employment, or the date the member attains early
or normal retirement age, in an amount as provided under this
article: Provided, That retirement income payments under this plan
are subject to the provisions of this article. On receipt of the
petition, the board shall promptly provide the member with an
explanation of his or her optional forms of retirement benefits and
on receipt of properly executed forms from the member, the board
shall process a member's request for and commence payments as soon
as administratively feasible.";
And, by striking out the enacting section in its entirety and
inserting in lieu thereof the following:
"That §8-22-18a, §8-22-19a and §8-22-25 of the Code of West
Virginia, 1931, as amended, be amended and reenacted; that said
code be amended by adding thereto a new section, designated
§8-22-18c; and that §8-22A-4 and §8-22A-9 of said code be amended
and reenacted, all to read as follows:
"