HB2887 S ED AMT

Petitt 7915

The Committee on Education moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. Com. Sub. for House Bill 2887—A Bill to amend and reenact §18B-1-1d of the Code of West Virginia, 1931, as amended, relating to retirement and separation incentives; providing that higher education institutions may provide incentives for retirement in response to a decline in state revenues supporting said higher education institutions; providing that the Joint Committee on Pensions and Retirement would receive sixty day advance notice of the incentive plan; allowing a lump sum payment to an employee to be excluded from calculation of employees average final salary; allowing for continuation of employee’s full salary for a predetermined time to be a reduced continuation salary; allowing an employee who is sixty-five or older, eligible for retirement and vested to retire without additional costs to the higher education institution; and requiring that the institution must enter into a memoranda of understanding with the Public Employees Insurance Agency and any affected retirement system prior to implementation of any incentive plan.