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House Bill 210 History
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ENROLLED
H. B. 210
(By Mr. Speaker, Mr. Thompson, and Delegate Armstead)
[By Request of the Executive]
[Passed June 26, 2008; in effect from passage.]
AN ACT to amend and
reenact §
18-7B-7a of the Code of West Virginia,
1931, as amended; to amend and reenact §18-7D-2, §18-7D-5,
§18-7D-6, §18-7D-7 and §18-7D-9
of said code; and to amend
said code by adding thereto a new section, designated §18-7D-
12, all relating to the voluntary transfer of assets from the
Teachers' Defined Contribution Retirement System to the State
Teachers Retirement System generally; providing option for
certain rehired persons; providing a date for the transfer of
assets of certain transferring members; providing a deadline
for the payment required to receive full credit in the State
Teachers Retirement System for service in the Teachers'
Defined Contribution Retirement System; establishing deadline
for providing notice of intent to retire for certain
transferring members; providing that certain submissions of
elections to transfer shall be counted; providing option to certain members misidentified; establishing requirements for
repurchase of certain service in the State Teachers Retirement
System by transferring members against whom a qualified
domestic relations order has been entered; and clarifying that
any transferring member shall be fully credited for the
member's years of service in the Teachers' Defined
Contribution Retirement System.
Be it enacted by the Legislature of West Virginia:
That §18-7B-7a of the Code of West Virginia, 1931, as amended,
be amended and reenacted; that §18-7D-2, §18-7D-5, §18-7D-6, §18-
7D-7 and §18-7D-9 of said code be amended and reenacted; and that
said code be amended by adding thereto a new section, designated
§18-7D-12, all to read as follows:
ARTICLE 7B. TEACHERS' DEFINED CONTRIBUTION RETIREMENT SYSTEM.
§18-7B-7a. Plan closed to persons employed for the first time
after June, 2005; former employees.
The retirement system created and established in this article
shall be closed and no new members accepted in the system after the
thirtieth day of June, two thousand five. Notwithstanding the
provisions of sections seven and eight of this article, all persons
who are regularly employed for full-time service as a member or an
employee whose initial employment commences after the thirtieth day
of June, two thousand five, shall become a member of the State
Teachers' Retirement System created and established in article seven-a of this chapter: Provided, That any person rehired after
the thirtieth day of June, two thousand five, shall become a member
of the Teachers' Defined Contribution Retirement System created and
established in this article, or of the Teachers Retirement System
created and established in article seven-a of this chapter,
depending upon which system he or she last contributed to while he
or she was employed with an employer mandating membership and
contributions to one of those plans: Provided, however, That a
rehired person who thereby becomes a member of the Teachers'
Defined Contribution Retirement System may become a member of the
Teachers Retirement System within the applicable time periods and
upon meeting the requirements provided in article seven-d of this
chapter:
Provided further, That any person rehired after the
thirty-first day of December, two thousand seven, who did not have
at least one dollar in the Teachers Defined Contribution Retirement
System on the thirty-first day of December, two thousand seven, and
for whom the Teachers Defined Contribution Retirement System was
the system to which he or she last contributed while employed by an
employer who required membership and contributions to one of the
two teachers retirement plans, shall, within ten days of returning
to employment, affirmatively choose to reenter the Teachers Defined
Contribution Retirement System or to become a contributing member
of the Teachers Retirement System. Those rehired prior to the
first day of July, two thousand eight, and who did not have at least one dollar in the Teachers Defined Contribution Retirement
System on the thirty-first day of December, two thousand seven, as
determined by the Consolidated Public Retirement Board, shall be
permitted to voluntarily elect to transfer effective the first day
of August, two thousand eight, upon written request to the
Consolidated Public Retirement Board received no later than the
fifteenth day of July, two thousand eight.
ARTICLE 7D. VOLUNTARY TRANSFER FROM TEACHERS' DEFINED CONTRIBUTION
RETIREMENT SYSTEM TO STATE TEACHERS RETIREMENT
SYSTEM.
§18-7D-2. Definitions.
As used in this article, unless the context clearly requires
a different meaning:
(1)
"Actively contributing member of the Teachers' Defined
Contribution Retirement System" means a member of that retirement
system who was actively contributing to the Teachers' Defined
Contribution Retirement System on the thirty-first day of December,
two thousand seven.
(2) "Actuarial Reserve" means the Actuarial Reserve Lump Sum
Value of the additional service credit being purchased by a member
so electing in accordance with the provisions of section six of
this article.
(3) "Actuarial Reserve Adjusted Salary" means either:
(A) For a member with a full year service credit in the fiscal year ending the thirtieth day of June, two thousand seven, the
member's two thousand seven fiscal year salary increased by seven
percent;
(B) For a member with less than a full year service credit in
the fiscal year ending the thirtieth day of June, two thousand
seven, the member's two thousand seven fiscal year salary
annualized to a full year based on the partial year service credit
increased by seven percent; or
(C) For a member without service credit in the fiscal year
ending the thirtieth day of June, two thousand seven, the member's
annualized contract salary in effect on the thirty-first day of
December, two thousand seven increased by seven percent, or the
member's annual contract salary on the date of rehire if after the
thirty-first day of December, two thousand seven.
(4) "Actuarial Reserve Benefit Date" means the first day of
the month coincident with or next following the date at which the
member attains the age of sixty, or the thirtieth day of June, two
thousand nine, whichever is later.
(5) "Actuarial Reserve Benefit Date Factors" mean the
actuarial lump sum value factors based on a life only annuity
starting on the Actuarial Reserve Benefit Date applying the 1983
Group Annuity Mortality Tables on a seventy-five percent female and
a twenty-five percent male blended Unisex basis and interest at
seven and one-half percent.
(6) "Actuarial Reserve Discount Factor" means the annual
discount factor applied for the period between the thirtieth day of
June, two thousand nine and the Actuarial Reserve Benefit Date, if
any. Such factor based on the State Teachers Retirement System
actuarial valuation assumptions shall estimate the impact of
mortality, disability, and economic factors for such discount
period by application of a net four percent discount rate.
(7) "Actuarial Reserve Lump Sum Value" means a single sum
amount calculated as: A benefit of two percent multiplied by the
Defined Contribution Retirement System service credit being
purchased multiplied by the Actuarial Reserve Adjusted Salary; such
benefit multiplied by the Actuarial Reserve Benefit Date Factors to
determine the lump sum value multiplied by the Actuarial Reserve
Discount Factor.
(8) "Affirmatively elect to transfer" means the voluntary
execution and delivery to the Consolidated Public Retirement Board,
by a member of the Teachers' Defined Contribution Retirement System
of a document in a form prescribed by the board that irrevocably
authorizes the board to transfer the member and all the member's
assets in the Teachers' Defined Contribution Retirement System to
the State Teachers Retirement System: Provided, That delivery of
the document to the Consolidated Public Retirement Board may be
accomplished through submission of the document to the supervisor
of a work site pursuant to section seven of this article: Provided, however, That any previous member of the state Teachers
Retirement System who voluntarily elected to terminate his or her
membership in the State Teachers Retirement System to become a
member of the Teachers' Defined Contribution Retirement System and
signed an irrevocable transfer request also may affirmatively elect
to transfer notwithstanding the prior transfer request.
(9) "Assets" means all member contributions and employer
contributions made on the member's behalf to the Defined
Contribution Retirement System and earnings thereon, less any
applicable fees as approved by the board: Provided, That if a
member has withdrawn or cashed out any amounts, the amounts must
have been repaid.
(10) "Board" means the Consolidated Public Retirement Board
established in article ten-d, chapter five of this code, and its
employees.
(11) "Date of transfer" means, in the event that sixty-five
percent or more of the actively contributing members of the Defined
Contribution Retirement System affirmatively elect to transfer to
the State Teachers Retirement System within the period provided in
section seven of this article, the first day of July, two thousand
eight: Provided, That for any member whose election to transfer
was received by the board after the twelfth day of May, two
thousand eight, but on or before the twentieth day of May, two
thousand eight, and has not been certified as accepted by the board on or before the effective date of the amendments to this section
enacted during the second extraordinary session of the Legislature,
two thousand eight, "date of transfer" means the first day of
August, two thousand eight.
(12) "Defined Contribution Retirement System" means the
Teachers' Defined Contribution Retirement System established in
article seven-b of this chapter.
(13) "Member" means any person who has an account balance
standing to his or her credit in the Teachers' Defined Contribution
Retirement System.
(14) "Salary" means:
(A) For a member contributing to the Defined Contribution
Retirement System during the two thousand seven fiscal year, the
actual salary earned for the two thousand seven fiscal year divided
by the employment service earned in the two thousand seven fiscal
year.
(B) For a member not contributing to the Defined Contribution
Retirement System during the two thousand seven fiscal year, the
contract salary on the date of rehire.
(15) "State Teachers Retirement System" means the State
Teachers Retirement System established in article seven-a of this
chapter.
§18-7D-5. Conversion of assets from Defined Contribution
Retirement System to State Teachers Retirement System; contributions; loans.
(a) If at least sixty-five percent of actively contributing
members of the Teachers' Defined Contribution Retirement System
affirmatively elect to transfer to the State Teachers Retirement
System within the period provided in section seven of this article,
then the Consolidated Public Retirement Board shall transfer the
members and all properties held in the Teachers' Defined
Contribution Retirement System's Trust Fund in trust for those
members who affirmatively elected to do so during that period to
the State Teachers Retirement System, effective on the first day of
July, two thousand eight: Provided, That the board shall, for any
member whose election to transfer was received by the board after
the twelfth day of May, two thousand eight, but on or before the
twentieth day of May, two thousand eight, and has not been
certified as accepted by the board on or before the effective date
of the amendments to this section enacted during the second
extraordinary session of the Legislature, two thousand eight,
effectuate the transfer as provided in this subsection on the first
day of August, two thousand eight.
(b) The board shall make available to each member a loan for
the purpose of paying all or part of the Actuarial Reserve, or if
available in accordance with the provisions of subsection (d),
section six of this article, the one and one-half percent
contribution for service in the Teachers' Defined Contribution System to receive additional service credit in the State Teachers
Retirement System for service in the Teachers' Defined Contribution
Retirement System pursuant to section six of this article. The
loan shall be offered in accordance with the provisions of section
thirty-four, article seven-a of this chapter.
(1) Notwithstanding any provision of this code, rule or policy
of the board to the contrary, the interest rate on any loan may not
exceed seven and one-half percent per annum. The total amount
borrowed may not exceed forty thousand dollars: Provided, That the
loan may not exceed the limitations of the Internal Revenue Code
Section 72(p).
(2) In the event a loan made pursuant to this section is used
to pay the Actuarial Reserve or the one and one-half percent
contribution, as the case may be, the board shall make any
necessary adjustments at the time the loan is made.
(3) The board shall make this loan available until the
thirtieth day of June, two thousand nine.
(c) The board shall develop and institute a payroll deduction
program for repayment of the loan established in this section.
(d) If at least sixty-five percent of actively contributing
members of the Teachers' Defined Contribution Retirement System
affirmatively elect to transfer to the State Teachers Retirement
System within the period provided in section seven of this article:
(1) As of the first day of July, two thousand eight, or the first day of August, two thousand eight, as the case may be, the
transferred members' contribution rate becomes six percent of his
or her salary or wages; and
(2) All transferred members who work one hour or more and who
make a contribution into the State Teachers Retirement System on or
after the first day of July, two thousand eight, are governed by
the provisions of article seven-a of this chapter, subject to the
provisions of this article.
(e) Subject to the provisions of subdivision (1) of this
subsection, if a member has withdrawn or cashed out part of his or
her assets, that member will not receive credit for those moneys
cashed out or withdrawn. The board shall make a determination as
to the amount of credit a member loses based on the periods of time
and the amounts he or she has withdrawn or cashed out, which shall
be expressed as a loss of service credit.
(1) A member may repay those amounts he or she previously
cashed out or withdrew, along with interest as determined by the
board, and receive the same credit as if the withdrawal or cash-out
never occurred. To receive full credit for the cashed-out or
withdrawn amounts being repaid to the State Teachers Retirement
System, the member also shall pay the actuarial reserve, or the one
and one-half percent contribution, as the case may be, pursuant to
section six of this article.
(2) The loan provided in this section is not available to members to repay previously cashed out or withdrawn moneys.
(3) If the repayment occurs five or more years following the
cash-out or withdrawal, the member also shall repay any forfeited
employer contribution account balance along with interest
determined by the board.
(f) Notwithstanding any provision of subsection (e) to the
contrary, if a member has cashed out or withdrawn any of his or her
assets after the last day of June, two thousand three, and that
member chooses to repurchase that service after the thirtieth day
of June, two thousand eight, the member shall repay the previously
distributed amounts and any applicable interest to the State
Teachers Retirement System.
(g) Any service in the State Teachers Retirement System a
member has before the date of the transfer is not affected by the
provisions of this article.
(h) The board shall take all necessary steps to see that the
voluntary transfers of persons and assets authorized by this
article do not affect the qualified status with the Internal
Revenue Service of either retirement plan.
§18-7D-6. Service credit in State Teachers Retirement System
following transfer; conversion of assets;
adjustments
.
(a) Any member who has affirmatively elected to transfer to
the State Teachers Retirement System within the period provided in section seven of this article whose assets have been transferred
from the Teachers' Defined Contribution Retirement System to the
State Teachers Retirement System pursuant to the provisions of this
article and who has not made any withdrawals or cash-outs from his
or her assets is, depending upon the percentage of actively
contributing members affirmatively electing to transfer, entitled
to service credit in the State Teachers Retirement System in
accordance with the provisions of subsections (c) or (d) of this
section.
(b) Any such member who has made withdrawals or cash-outs will
receive service credit based upon the amounts transferred. The
board shall make the appropriate adjustment to the service credit
the member will receive.
(c) If at least sixty-five percent but less than seventy-five
percent of actively contributing members of the Teachers' Defined
Contribution Retirement System affirmatively elect to transfer to
the State Teachers Retirement System within the period provided in
section seven of this article, for any member of the Defined
Contribution Retirement System who elects to transfer to the State
Teachers Retirement System, his or her service credit in the State
Teachers Retirement System is determined as follows:
(1) For any member affirmatively electing to transfer, the
member's State Teachers Retirement System credit shall be
seventy-five percent of the member's Teachers' Defined Contribution Retirement System service credit, less any service previously
withdrawn by the member or due to a qualified domestic relations
order and not repaid;
(2) To receive full credit in the State Teachers Retirement
System for service in the Teachers' Defined Contribution Retirement
System for which assets are transferred, transferring members shall
have the option to pay into the State Teachers Retirement System
the Actuarial Reserve, as defined in section two of this article,
by no later than the thirtieth day of June, two thousand nine.
(d) If at least seventy-five percent of actively contributing
members of the Teachers' Defined Contribution Retirement System
affirmatively elect to transfer to the State Teachers Retirement
System within the period provided in section seven of this article,
for any member of the Defined Contribution Retirement System who
elects to transfer to the State Teachers Retirement System, his or
her service credit in the State Teachers Retirement System is
determined as follows:
(1) For any member affirmatively electing to transfer, the
member's State Teachers Retirement System credit shall be
seventy-five percent of the member's Teachers' Defined Contribution
Retirement System service credit , less any service previously
withdrawn by the member or due to a qualified domestic relations
order and not repaid;
(2) To receive full credit in the State Teachers Retirement System for service in the Teachers' Defined Contribution Retirement
System for which assets are transferred, members who affirmatively
elected to transfer shall pay into the State Teachers Retirement
System a one and one-half percent contribution by no later than the
thirtieth day of June, two thousand nine. This contribution shall
be calculated as one and one-half percent of the member's estimated
total earnings for which assets are transferred, plus interest of
four percent per annum accumulated from the date of the member's
initial participation in the Defined Contribution Retirement
System.
(A) For a member contributing to the Defined Contribution
Retirement System at any time during the two thousand eight fiscal
year and commencing membership in the State Teachers Retirement
System on the first day of July, two thousand eight, or the first
day of August, two thousand eight, as the case may be:
(i) The estimated total earnings shall be calculated based on
the member's salary and the member's age nearest birthday on the
thirtieth day of June, two thousand eight;
(ii) This calculation shall apply both an annual backward
salary scale from that date for prior years' salaries and a forward
salary scale for the salary for the two thousand eight fiscal year.
(B) The calculations in paragraph (A) of this subdivision are based
upon the salary scale assumption applied in the West Virginia
Teachers Retirement System Actuarial Valuation as of the first day of July, two thousand seven, prepared for the Consolidated Public
Retirement Board. This salary scale shall be applied regardless of
breaks in service.
(e) All service previously transferred from the State Teachers
Retirement System to the Teachers' Defined Contribution Retirement
System is considered Teachers' Defined Contribution Retirement
System service for the purposes of this article.
(f) Notwithstanding any provision of this code to the
contrary, the retirement of a member who becomes eligible to retire
after the member's assets are transferred to the State Teachers
Retirement System pursuant to the provisions of this article may
not commence prior to the first day of September, two thousand
eight: Provided, That the Consolidated Public Retirement Board may
not retire any member who is eligible to retire during the calendar
year two thousand eight during the calendar year two thousand eight
unless the member has provided a written notice to his or her
county board of education by the first day of July, two thousand
eight, of his or her intent to retire.
§18-7D-7. Period for affirmative election to transfer; board may
contract for professional services.
(a) The board shall provide the members of the Teachers'
Defined Contribution Retirement System an opportunity to
voluntarily execute and deliver to the Consolidated Public
Retirement Board, or its designee, a written document in a form prescribed by the board that irrevocably authorizes the board to
transfer the member and all the member's assets in the Teachers'
Defined Contribution Retirement System to the State Teachers
Retirement System in accordance with the provisions of this
article.
(b) If at least sixty-five percent of actively contributing
members of the Teachers' Defined Contribution Retirement System
affirmatively elect to transfer to the State Teachers Retirement
System:
(1) The Consolidated Public Retirement Board shall, for each
member who affirmatively elected to transfer as provided in this
section, transfer the assets held in the Teachers' Defined
Contribution Retirement System's Trust Fund in trust for that
member to the State Teachers Retirement System on the first day of
July, two thousand eight: Provided, That the board shall, for each
member whose election to transfer was received by the board after
the twelfth day of May, two thousand eight, but on or before the
twentieth day of May, two thousand eight, and has not been
certified as accepted by the board on or before the effective date
of the amendments to this section enacted during the second
extraordinary session of the Legislature, two thousand eight,
transfer the assets of such member as provided in this subdivision
on the first day of August, two thousand eight;
(2) On the first day of July, two thousand eight, or the first day of August, two thousand eight, as the case may be, each member
who so elected becomes a member of the State Teachers Retirement
System and after working one or more hours and contributing to the
State Teachers Retirement System is entitled to the benefits of the
State Teachers Retirement System; and
(3) Each such member is governed by the provisions of the
State Teachers Retirement System subject to the provisions of this
article.
(c) If fewer than sixty-five percent of actively contributing
members of the Teachers' Defined Contribution Retirement System
affirmatively elect to transfer to the State Teachers Retirement
System, the transfers described in this section shall not occur.
(d) Any person who has one dollar or more in assets in the
Teachers' Defined Contribution Retirement System on the last day of
December, two thousand seven, may and is eligible to affirmatively
elect to transfer to the State Teachers Retirement System as
provided in this section. For purposes of this article:
(1) The tabulation of the percentage required for transfer as
required in this article shall only include documents affirmatively
electing to transfer submitted under the provisions of this
subsection by those who are actively contributing members of the
Teachers' Defined Contribution Retirement System as that term is
defined in section two of this article; and
(2) Notwithstanding the opportunity to submit documents affirmatively electing to transfer extended by this article to
members other than those who are actively contributing members of
the Teachers' Defined Contribution Retirement System, there shall
be no duty or other obligation on the part of the board to provide
any education, information or notice regarding matters contained in
this article to members who are not actively contributing members
of the Teachers' Defined Contribution Retirement System regarding
any matter described in this article, nor any right on the part of
those other members to receive the same.
(e) Notwithstanding any other provision of this code to the
contrary, the board may do all things necessary and convenient to
maintain the Teachers' Defined Contribution Retirement System and
the State Teachers Retirement System during the transitional period
and may retain the services of the professionals it considers
necessary to do so. The board may also retain the services of
professionals necessary to:
(1) Assist in the preparation of educational materials;
(2) Assist in the educational process;
(3) Assist in the process for submission of the documents
whereby members may affirmatively elect to transfer; and
(4) Ensure compliance with all relevant state and federal
laws.
(f) Due to the time constraints inherent in the initial
processes established for the submission of documents affirmatively electing to transfer set forth in this article in specific, and due
to the nature of the professional services required by the
Consolidated Public Retirement Board in general, the provisions of
article three, chapter five-a of this code, do not apply to any
materials, contracts for any actuarial services, investment
services, legal services or other professional services authorized
under the provisions of this article and the provisions of article
six, chapter twenty-nine do not apply to any employment of or
contracting for personnel by the board for the purposes of
implementing the provisions of this article.
(g) The submission of the documents whereby members may
affirmatively elect to transfer may be held through any method the
board determines is in the best interest of the members: Provided,
That for members of the Teachers' Defined Contribution Retirement
System, the submission of the documents whereby those members elect
to transfer shall be pursuant to the procedure established by the
Consolidated Public Retirement Board set forth in subsection (j) of
this section.
(h) The period for submission of the documents whereby members
may affirmatively elect to transfer shall begin not later than the
first day of April, two thousand eight. The board shall ascertain
the results of the submissions not later than the last day of May,
two thousand eight. The board shall certify the results of the
submissions to the Governor, the Legislature and the members not later than the fifth day of June, two thousand eight.
(i) The submission period terminates and elections to transfer
may not be accepted from a member after the twelfth day of May, two
thousand eight, subject to the following:
(1) If elections to transfer are permitted through the mail,
any submission postmarked later than the twelfth day of May, two
thousand eight, is void and may not be counted: Provided, That
notwithstanding the provisions of this subdivision, any submission
received by the board on or before the twentieth day of May, two
thousand eight shall be counted;
(2) If elections to transfer are delivered to a supervisor on
selection day or on or before the ninth day of May, two thousand
eight, any submission postmarked or deposited with a commercial
carrier later than the thirteenth day of May, two thousand eight,
is void and may not be counted: Provided, That notwithstanding the
provisions of this subdivision, any submission received by the
board on or before the twentieth day of May, two thousand eight
shall be counted: Provided, however, That delivery by mail must be
by certified mail, return receipt requested or delivery by
commercial courier that requires written confirmation by the board
of delivery;
(3) The fifth day of May, two thousand eight, is selection day
upon which each county board and superintendent shall provide an
opportunity in each school within the county for members of the Teachers' Defined Contribution System to affirmatively elect to
transfer.
(j) The Consolidated Public Retirement Board shall collaborate
with the state superintendent, the Chancellor for Higher Education
and the Chancellor for Community and Technical College Education to
establish a procedure whereby all actively contributing members of
the Teachers' Defined Contribution Retirement System may deliver to
the Consolidated Public Retirement Board or its designee the
written document authorizing transfer through a supervisor at each
work site where any contributing member of the Defined Contribution
Retirement System is employed. The procedure shall include at
least the following:
(1) The supervisor at each work site is responsible for
collecting the written documents authorizing the transfer from all
actively contributing members of the Teachers' Defined Contribution
Retirement System employed at the work site who choose to submit
the written document. The supervisor shall record the receipt of
all written documents authorizing transfer, shall direct the member
submitting the written document to initial a receipt log and shall
issue a receipt to the member submitting the written document.
(2) On and after the sixth day of May, two thousand eight, but
on or before the ninth day of May, two thousand eight, the
supervisor at the work site shall make reasonable efforts to
contact verbally and in writing all actively contributing members of the Teachers' Defined Contribution Retirement System employed at
the work site that have not submitted their written documents as of
that date to remind those members of the upcoming deadline for
submitting their written document authorizing transfer: Provided,
That failure of the supervisor to make contact with any of those
members shall not be a basis for a cause of action to allow a
member to transfer after the period provided in this section or for
any other cause of action.
(3) The supervisor at each work site shall forward all of the
written documents to the Consolidated Public Retirement Board, or
its designee, through certified mail, or delivery by commercial
courier that requires written confirmation by the board of
delivery, no later than the thirteenth day of May, two thousand
eight: Provided, That notwithstanding the provisions of this
subdivision, any submission received by the board on or before the
twentieth day of May, two thousand eight, shall be counted. The
work site supervisor shall inform the Consolidated Public
Retirement Board of all of the written documents received each day
so that the board, or its designee, can record which members of the
Teachers' Defined Contribution Retirement System have submitted
their written documents authorizing transfer pursuant to subsection
(k) of this section.
(4) For the purposes of this subdivision, the principal of a
school with any of grades prekindergarten through twelve is the work site supervisor. For the purposes of this subdivision, for
any work site under the jurisdiction of the Higher Education Policy
Commission or the West Virginia Council for Community and Technical
College Education, the human resource administrator or other
designee may be considered the work site supervisor. In any case
where the person who is the work site supervisor is in question,
the state board, the Chancellor for Higher Education or the
Chancellor for Community and Technical College Education, whichever
entity has jurisdiction over the work site, shall designate the
supervisor.
(5) The state board, the Chancellor for Higher Education and
the Chancellor for Community and Technical College Education shall
ascertain the names of all work site supervisors under their
jurisdiction and transmit a list of the names of the work site
supervisors to the Consolidated Public Retirement Board on or
before the thirty-first day of March, two thousand eight.
(k) The Consolidated Public Retirement Board, or its designee,
shall record the receipt of all written documents authorizing the
transfer so that it knows the percentage of contributing members of
the Teachers' Defined Contribution Retirement System that have
submitted the written documents by work site and by county.
(l) Notwithstanding any other provision of this article to the
contrary, any member of the Teachers Defined Contribution
Retirement System who was erroneously identified by the employer as being a member of the Teachers Retirement System and
who did not
have at least one dollar in the Teachers Defined Contribution
Retirement System on the thirty-first day of December, two thousand
seven
and therefore was denied an opportunity to select transfer as
determined by the Consolidated Public Retirement Board, shall be
provided promptly with an opportunity to select membership in the
Teachers Retirement System. The Consolidated Public Retirement
Board is authorized to establish procedures and time periods to
provide notice, education, selection opportunity and transfer for
these members to correct the erroneous assignment to the Teachers
Retirement System.
§18-7D-9. Qualified domestic relations orders.
Any transferring member having a qualified domestic relations
order against his or her defined contribution account is allowed to
repurchase service in the State Teachers Retirement System. The
member shall repay any moneys previously distributed to the
alternate payee along with the interest as set by the board. To
receive full credit for the previous distribution to the alternate
payee pursuant to a qualified domestic relations order being repaid
to the State Teachers Retirement System, the member shall also pay
the Actuarial Reserve, or the one and one-half percent
contribution, as the case may be, pursuant to section six of this
article. The member shall repay by the last day of June, two
thousand fourteen. The provisions of this section are void and of no effect if there is no transfer from the Teachers' Defined
Contribution Retirement System to the State Teachers Retirement
System. An alternate payee is not, solely as a result of that
status, a member of either the Teachers' Defined Contribution
Retirement System or the State Teachers Retirement System for any
purpose under the provisions of this article and no interest held
by the alternate payee is transferred to the State Teachers
Retirement System pursuant thereto.
§18-7D-12. Transferees' eligibility to retire.
(a) For purposes of determining a transferring member's
eligibility for retirement in accordance with section twenty-five,
article seven-a of this chapter, any member who has affirmatively
elected to transfer to the State Teachers Retirement System
pursuant to the provisions of this article shall be fully credited
for his or her years of service in the Teachers' Defined
Contribution Retirement System: Provided, That the calculation of
any transferring member's service credit in the State Teachers'
Retirement System following the transfer shall be determined in
accordance with the provisions of section six of this article.
(b) For purposes of this section, "years of service" shall
mean all years as a member of the Teachers' Defined Contribution
Retirement System and, in addition thereto, credits for any prior
service, if any: Provided, That service previously withdrawn by a
member may not be included in "years of service" unless repaid.