H. B. 2497
(By Delegate Browning
)
(Introduced March 8, 1993; referred to the
Committee on Pensions and Retirement then Finance)
A BILL to amend and reenact section fourteen, article seven-a,
chapter eighteen of the code of West Virginia, one thousand
nine hundred thirty-one, as amended, relating to
contributions to the teachers retirement system.
Be it enacted by the Legislature of West Virginia:
That section fourteen, 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-14. Contributions by members.
At the end of each month every member of the retirement
system shall contribute six percent of his monthly earnable
compensation to the retirement board:
Provided,
That any member
employed by the West Virginia board of regents board of directors
of the state college system or the board of trustees of the
university system at an institution of higher education under its
control shall contribute on his full earnable compensation,
unless otherwise provided in section fourteen-a of this article.
Annually, the contributions of each member shall be credited
to his account in the teachers accumulation fund. Thecontributions shall be deducted from the salaries of the members
as herein prescribed, and every member shall be deemed to have
given his consent to such deductions. No deductions, however,
shall be made from the earnable compensation of any member who
retired because of age or service, and then resumed service
unless as provided in section thirteen-a of this article.
The aggregate of employer contributions, due and payable
under this article, shall equal annually two and one-half times
the total deductions from the earnable compensation of members
required by this section.
Payment by an employer to a member of the sum specified in
the employment contract minus the amount of the employee's
deductions shall be deemed to be a full discharge of the
employer's contractual obligation as to earnable compensation.
Each contributor shall file with the retirement board or
with the employer to be forwarded to the retirement board an
enrollment form showing his date of birth and other data needed
by the retirement board.
Note: The purpose of this bill is to increase certain
employers' share of contributions to the teachers retirement
system.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.