H.
B.
2733
(By Delegate Higgins)
[Introduced March 26, 1993; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact section twenty-three, article seven-a, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to state teachers retirement.
Be it enacted by the Legislature of West Virginia:
That section twenty-three, 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
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7A
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23. Withdrawal and death benefits.
Benefits upon withdrawal from service prior to retirement under the provisions of this article shall be as follows:
(a) A contributor who withdraws from service for any cause other than death or retirement shall, upon application, be paid his accumulated contributions plus refund interest up to the end of the fiscal year preceding the year in which application is made, but in no event shall interest be paid beyond the end of five years following the year in which the last contribution was made:
Provided,
That such contributor, at the time of application, is then no longer under contract, verbal or otherwise, to serve as a teacher;
(b) If a contributor with fewer than five years of established service does not apply for the refund of his accumulated contributions within five years from the year in which he quits service, then his accumulated contributions plus refund interest, up to and including the fifth year, shall be returned to such member or to his legal representative; or
(c) If such contributor has completed twenty years of total service, he may elect to receive at retirement age an annuity which shall be computed as provided in this article:
Provided,
That if such contributor has completed at least five, but fewer than twenty years of total service in this state, he may elect to receive at age sixty-two, an annuity which shall be computed as provided in this article. The contributor must notify the retirement board in writing concerning such election. If such contributor has completed fewer than five years of service in this state, he shall be subject to the provisions as outlined in subsections (a) or (b) above.
Benefits upon the death of a contributor prior to retirement under the provisions of this article shall be paid as follows:
(1) If the contributor was at least fifty years old, and or if his total service as a teacher was at least twenty-five years at the time of his death, then the surviving spouse of the deceased, provided said spouse is designated as the sole refund beneficiary, shall be eligible for an annuity which shall be computed as though the deceased were actually a retired teacher at the time of death, and had selected a survivorship option which pays such spouse the same monthly amount which would have been received by the deceased; or
(2) If the facts do not permit payment under the preceding paragraph (1), then the following sum shall be paid to the refund beneficiary of the contributor: His accumulated contributions with refund interest up to the year of his death plus the amount of his accumulated contributions. The latter sum shall emanate from the employers accumulation fund.
NOTE: The purpose of this bill is to change eligibility for retirement benefits to include those who have reached the age of fifty or who have at least twenty-five years total service.
Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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