NEWS RELEASES HELPFUL LINKS EnrolledSB26 VersionSUB1 - Final Version « Senate Bill 26 History OTHER VERSIONS — CommitteeEnrolled SubstituteVersion (1)- Final Version | Introduced Version | | Email Key:
Red = new code to be enacted WEST virginia legislature regular session Enrolled Committee Substitute for Senate Bill 26 Senator Blair, original sponsor [Passed[Originating Februaryin 25,the 2019;Committee on Pensions;
inReported effecton 90February days7, from2019] passage]A ANBILL ACT to amend and reenact §18-7A-3 of the Code of West Virginia, 1931, as amended;
(1) “Accumulated contributions” means all deposits and all deductions from the gross salary of a contributor plus regular interest.
(2) “Accumulated net benefit” means the aggregate amount of all benefits paid to or on behalf of a retired member.
(3) “Actuarially equivalent” or “of equal actuarial value” means a benefit of equal value computed upon the basis of the mortality table and interest rates as set and adopted by the retirement board in accordance with the provisions of this article:
Provided, That when used in the context of compliance with the federal maximum benefit requirements of Section 415 of the Internal Revenue Code, “actuarially equivalent” shall be computed using the mortality tables and interest rates required to comply with those requirements.
(4) “Annuities” means the annual retirement payments for life granted beneficiaries in accordance with this article.
(5) “Average final salary” means the average of the five highest fiscal year salaries earned as a member within the last 15 fiscal years of total service credit, including military service as provided in this article, or if total service is less than 15 years, the average annual salary for the period on which contributions were made:
(6) “Beneficiary” means the recipient of annuity payments made under the retirement system.
(7) “Contributor” means a member of the retirement system who has an account in the Teachers Accumulation Fund.
(8) “Deposit” means a voluntary payment to his or her account by a member.
(9) “Employer” means the agency of and within the state which has employed or employs a member.
(10) “Employer error” means an omission, misrepresentation, or violation of relevant provisions of the West Virginia Code, or of the West Virginia Code of State Regulations, or the relevant provisions of both the West Virginia Code and of the West Virginia Code of State Regulations by the participating public employer that has resulted in an underpayment or overpayment of contributions required.
(11) “Employment term” means employment for at least 10 months, a month being defined as 20 employment days.
(12) “Gross salary” means the fixed annual or periodic cash wages paid by a participating public employer to a member for performing duties for the participating public employer for which the member was hired.
(13) “Internal Revenue Code” means the Internal Revenue Code of 1986, as it has been amended.
(14) “Member” means any person who has accumulated contributions standing to his or her credit in the State Teachers Retirement System.
(15) “Members of the administrative staff of the public schools” means deans of instruction, deans of men, deans of women, and financial and administrative secretaries.
(16) “Members of the extension staff of the public schools” means every agricultural agent, boys and girls club agent, and every member of the agricultural extension staff whose work is not primarily stenographic, clerical, or secretarial.
(17) “New entrant” means a teacher who is not a present teacher.
(18) “Nonteaching member” means any person, except a teacher member, who is regularly employed for full-time service by:
(19) “Plan year” means the 12month12-month period commencing on July 1 and ending the following June 30 of any designated year.
(20) “Present member” means a present teacher or nonteacher who is a member of the retirement system.
(21) “Present teacher” means any person who was a teacher within the 35 years beginning July 1, 1934, and whose membership in the retirement system is currently active.
(22) “Prior service” means all service as a teacher completed prior to July 1, 1941, and all service of a present member who was employed as a teacher and did not contribute to a retirement account because he or she was legally ineligible for membership during the service.
(23) “Public schools” means all publicly supported schools, including colleges and universities in this state.
(24) “Refund beneficiary” means the estate of a deceased contributor or a person he or she has nominated as beneficiary of his or her contributions by written designation duly executed and filed with the retirement board.
(25) “Regular interest” means interest at four percent compounded annually, or a higher earnable rate if set forth in the formula established in legislative rules, series seven of the Consolidated Public Retirement Board, 162 CSR 7.
(26) “Regularly employed for full-time service” means employment in a regular position or job throughout the employment term regardless of the number of hours worked or the method of pay.
(27) “Required beginning date” means April 1 of the calendar year following the later of:
(28) “Retirant” means any member who commences an annuity payable by the retirement system.
(29) “Retirement board” means the Consolidated Public Retirement Board created pursuant to §5-10D-1 et seq.
(30) “Retirement system” means the State Teachers Retirement System established by this article.
(31) “Teacher member” means the following persons, if regularly employed for full-time service:
and (L) (M) any person designated as a 21st Century Learner Fellow pursuant to §18A-3-11 of this code who elects to remain a member of the State Teachers Retirement System provided in this article.
(32) “Total service” means all service as a teacher or nonteacher while a member of the retirement system since last becoming a member and, in addition thereto, credit for prior service, if any.
(1) “Annual addition” means, for purposes of the limitations under Section 415(c) of the Internal Revenue Code, the sum credited to a member’s account for any limitation year of:
Repayment of cash-outs or contributions as described in Section 415(k)(3) of the Internal Revenue Code, rollover contributions and picked-up employee contributions to a defined benefit plan shall may not be treated as annual additions, consistent with the requirements of Treasury Regulation §1.415(c)-1.
(2) “Annuity account” or “annuity” means an account established for each member to record the deposit of member contributions and employer contributions and interest, dividends, or other accumulations credited on behalf of the member.
(3) “Compensation” means the full compensation actually received by members for service whether or not a part of the compensation is received from other funds, federal or otherwise, than those provided by the state or its subdivisions:
(4) “Consolidated board” or “board” means the Consolidated Public Retirement Board created and established pursuant to §5-10D-1 et seq.
(5) “Defined contribution system” or “system” means the Teachers’ Defined Contribution Retirement System created and established by this article.
(6) “Employer” means the agency of and within the State of West Virginia which has employed or employs a member.
(7) “Employer contribution” means an amount deposited into the member’s individual annuity account on a periodic basis coinciding with the employee’s regular pay period by an employer from its own funds.
(8) “Employment term” means employment for at least 10 months in any plan year with a month being defined as 20 employment days.
(9) “Existing employer” means any employer who employed or employs a member of the system.
(10) “Existing retirement system” means the State Teachers Retirement System established in §18-7A-1 et seq.
(11) “Internal Revenue Code” means the Internal Revenue Code of 1986, as it has been amended.
(12) “Member” or “employee” means the following persons, if regularly employed for full-time service:
(13) “Member contribution” means an amount reduced from the employee’s regular pay periods, and deposited into the member’s individual annuity account within the Teachers’ Defined Contribution Retirement System.
(14) “Permanent, total disability” means a mental or physical incapacity requiring absence from employment service for at least six months:
(15) “Plan year” means the 12-month period commencing on July 1 of any designated year and ending on the following June 30.
(16) “Public schools” means all publicly supported schools, including normal schools, colleges, and universities in this state.
(17) “Regularly employed for full-time service” means employment in a regular position or job throughout the employment term regardless of the number of hours worked or the method of pay.
(18) “Required beginning date” means April 1 of the calendar year following the later of:
(19) “Retirement” means a member’s withdrawal from the active employment of a participating employer and completion of all conditions precedent to retirement.
(20) “Year of employment service” means employment for at least ten months, with a month being defined as 20 employment days:
NOTE:
The purpose of this bill is to permit employees of educational services cooperatives to participate in the State Teachers Retirement System.
The bill permits persons employed by educational services cooperatives to participate in the State Teachers’ Defined Contribution Retirement System.