SB 442 — Relating to WV Public Employee Retirement System

SBSB442 442H TextFIN skipAM navigation#1 SENATEChakmakian PRESIDENT3260 SENATORS  COMMITTEESThe VIDEO/AUDIOCommittee DISTRICTon MAPSFinance SENATEmoved CLERKto SENATEamend RULESthe HOUSEbill SPEAKERon DELEGATESpage COMMITTEES1, VIDEO/AUDIOfollowing DISTRICTthe MAPSenacting HOUSEclause, CLERKby HOUSEstriking RULESthe HOUSEremainder STAFFof JOINTthe INTERIMbill COMMITTEESin LEGISLATIVEits ADMINISTRATORentirety LEGISLATIVEand SERVICESinserting DIVISIONin PUBLIClieu INFORMATIONthereof LEGISLATIVEthe AUTOMATEDfollowing: SYSTEMS DIVISION LEGISLATIVE AUDITOR'S OFFICE PERFORMANCE EVALUATION & RESEARCH DIVISION POST AUDIT DIVISION BUDGET DIVISION REGULATORY AND FISCAL AFFAIRS DIVISION CLAIMS COMMISSION CRIME VICTIMS RULE-MAKING REVIEW SPECIAL INVESTIGATIONS JUDICIAL COMP.

COMMISSION“ARTICLE JOINT10. RULES STAFF INFO BILL STATUS BILL STATUS BILL TRACKING STATE LAW WEST VIRGINIA CODE ACTS OF THE LEGISLATURE CODE OF 1931 WV CONSTITUTION US CONSTITUTION REPORTS AGENCY REPORTS AGENCY GRANT AWARDS PERFORMANCE EVALUATIONS POST AUDITS EDUCATIONAL CITIZEN’S GUIDE INTERNSHIP PROGRAM PAGE PROGRAM PUBLICATIONS PHOTO GALLERY CAPITOL HISTORY HOW A BILL BECOMES LAW CONTACT SENATE ROSTER HOUSE ROSTER PUBLIC INFO.

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Green = existing Code.

Red = new code to be enacted WEST virginia legislature regular session Introduced Senate Bill 442 By Senators Nelson, Clements, Trump, Plymale, and Hamilton [Introduced January 20, 2022;

referred to the Committee on Pensions;

and then to the Committee on Finance] A BILL to amend and reenact §5-10-14 and §5-10-30 of the Code of West Virginia, 1931, as amended, all relating to service credit, retroactive provisions, and the refund of accumulated contributions for certain members of the West Virginia Public Employees Retirement System.

Be it enacted by the Legislature of West Virginia:

ARTICLE 10.

and (3) Service may be credited to a member who was employed by a political subdivision if his or her employment occurred within a period of 30 years immediately preceding the date the political subdivision became a participating public employer.

Provided, That members of the State Teachers Retirement System who first became a member of the State Teachers Retirement System on or after July 1, 2015,2022, may only transfer service credit to the Public Employees Retirement System if they first became a member of the Public Employees Retirement System on or after July 1, 2015.

(2) The requirement of seven consecutive years and the requirement of 13 consecutive years apply retroactively to all legislative employment prior to the effective date of the 2006 amendments to this section.

(a) In the event a member leaves the employ of a participating public employer prior to the date he the member becomes entitled to retire with an annuity payable by the retirement system, he the member shall be paid, upon his the member’s written application filed with the board of trustees, his theirthe member’s accumulated contributions standing to his credit in the members deposit fund, if his the member’s separation from the employ of a participating public employer occurs subsequent to a period of two years from and after the date he last became a member of the system of contributing service.

If his the member’s said separation from the employ of a participating public employer occurs within a period of prior to two years from and after the date he last became a member of the system of contributing service, he the member shall be paid his theirthe member’s accumulated contributions standing to his credit in the members deposit fund less the total regular interest credited to his theirthe member’s individual account therein;

(b) In the event a member dies and does not leave a beneficiary entitled to an annuity payable by the retirement system, his the member’s accumulated contributions standing to his credit in the members deposit fund at the time of his theirthe member’s death shall be paid to such person or persons as he or she shall have nominated by written designation duly executed and filed with the board of trustees.

If there be no such designated person or persons surviving the said member, his theirthe member’s said accumulated contributions shall be paid to his theirthe member’s estate.

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