H. B. 3190
(By Delegates Spencer, Campbell and Williams)
[Introduced March 17, 2009; referred to the
Committee on Pensions and Retirement then Finance.]
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 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 (PERS).
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, eligible emergency medical services officers that transfer or have transferred from Public Employees Retirement System shall
have retroactive service, as defined by section two, article ten,
chapter five of this code, 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, 2009, or in
regular installment payments payable over sixty months with the
initial installment received by the board on or before December 31,
2009;
(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: The purpose of this bill is to allow the purchase of
service credit for those emergency services officers who
transferred from PERS, but had not already purchased this prior to
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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