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Introduced Version Senate Bill 338 History

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Key: Green = existing Code. Red = new code to be enacted
SB338 intr
Senate Bill No. 338

(By Senators Foster McCabe, Edgell, Oliverio, Plymale, Deem, Hall and Jenkins)

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[Introduced January 22, 2010; referred to the Committee on Pensions; and then to the Committee on Finance.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §16-5V-9a, relating to the Emergency Medical Services Retirement System; and authorizing the purchase of previous service of eligible emergency medical service officers who transferred into the Emergency Medical Services Retirement System from the Public Employees Retirement System.

Be it enacted by the Legislature of West Virginia:

That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §16-5V-9a, to read as follows:

ARTICLE 5V.á EMERGENCY MEDICAL SERVICES RETIREMENT SYSTEM ACT.

§16-5V-9a. Purchase of service for members who have transferred from the Public Employees Retirement System.

Notwithstanding the provisions of section nine of this article to the contrary, eligible emergency medical services officers who transfer or have transferred from the Public Employees Retirement System shall have retroactive service, as defined by section two, article ten, chapter five of this code, and shall have the retroactive service recognized under this plan through the purchase of service through payment by the member of sixty percent of the actuarial accrued liabilities which would result if the service is credited under the Emergency Medical Services Retirement System subject to the following:
(1) The service may be purchased in one-year increments of eligible service for the total period of eligible service;
(2) Payment must be made in either a one-time lump sum payment received by the board no later than December 31, 2010, or in regular installment payments payable over sixty months with the initial installment received by the board on or before December 31, 2010;
(3) The rate of interest applicable to regular installment payments for the purchase of service shall be the actuarial interest rate assumption as approved by the board for completing the actuarial valuation for the plan year immediately preceding the first day of the plan year in which the service purchase is made, compounded per annum;
(4) Once payments commence, selection of the period of service being purchased may not be amended; and
(5) Service will be credited only upon receipt by the board of all payments due.


NOTE: This bill was recommended for introduction and passage by the Joint Committee on Pensions and Retirement. The purpose of this bill is to allow the purchase of retroactive service credit for those emergency services officers who transferred from PERS, but had not already purchased this retroactive service credit prior to or after transferring from the Public Employees Retirement System.

This section is new; therefore, strike-throughs and underscoring have been omitted.
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