H. B. 2737

(By Delegate Ennis (By Request))
[Introduced

; referred to the
Committee on Pensions and Retirement then Finance.]

A BILL to amend article seven-b, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section eleven-b, relating to allowing members that participate in the teachers' defined contribution retirement system to borrow only against the total amount that the member has contributed into his or her retirement account.

Be it enacted by the Legislature of West Virginia:
That article seven-b, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section eleven-b, to read as follows:

§18-7B-11b. Borrowing against contributions.

Notwithstanding any provision of this article to the contrary, any member of the defined contribution retirement system may borrow against the total amount that the member has contributed into the his or her retirement account: Provided, That the member may not borrow against any contributions made by an employer or any interest that has accrued on his or her retirement account.

NOTE: The purpose of this bill is to allow members that participate in the teachers' defined contribution retirement system to borrow only against the total amount that the member has contributed into his or her retirement account

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