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Introduced Version House Bill 3190 History

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Key: Green = existing Code. Red = new code to be enacted
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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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