COMMITTEE SUBSTITUTE
FOR
H. B. 2438
(By Delegate R. M. Thompson)
(Originating in the Committee on Pensions and Retirement)
[February 24, 2003]
A BILL to amend and reenact section thirty-six, article seven-a,
chapter eighteen of the code of West Virginia, one thousand
nine hundred thirty-one, as amended, relating to the state
teachers retirement system; providing for a joint study of
merging the teachers' defined contribution retirement system
with the state teachers retirement system; requiring report
and proposed legislation; and specifying due date.
Be it enacted by the Legislature of West Virginia:
That section thirty-six, 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-36. Joint study of merging teachers' defined contribution
retirement system with state teachers retirement
system
; report to Joint Committee on Government and Finance by specified date of study conclusions.
In light of the determination to repeal the public employees
retirement system II (PERS II) before its proposed date of initial
operation, a study shall be undertaken through the cooperative
efforts of the board of the public employees retirement system, the
board of the teachers retirement system and the legislative
commission on pensions and retirement toward determining the best
method by which to address the fiscal problems of the teachers
retirement system together with any combining of retirement systems
of the state that might be indicated, with report to be made to the
joint committee on government and finance of the Legislature by the
thirtieth day of June, one thousand nine hundred eighty-nine.
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