Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb4349%20intr.htm&yr=2014&sesstype=RS&billtype=B&houseorig=H&i=4349
Timestamp: 2018-03-22 08:41:49
Document Index: 346808641

Matched Legal Cases: ['§5', '§7', '§7', '§8', '§8', '§15', '§15', '§16', '§16', '§5', '§7', '§7', '§8', '§8', '§15', '§15', '§16', '§16', '§15']

HB 4349 Text
Introduced Version House Bill 4349 History
H. B. 4349
Committee on Pensions & Retirement then the Judiciary.]
A BILL to amend and reenact §5-10-27 of the Code of West Virginia,1931, as amended; to amend and reenact §7-14D-20 and §7-14D-21 of said code; to amend and reenact §8-22A-22 and §8-22A-23 of said code; to amend and reenact §15-2-33 of said code; to amend and reenact §15-2A-12 of said code; and to amend and reenact §16-5V-25 and §16-5V-26 of said code, all relating to retirement burial and scholarship benefits awarded on behalf of deceased uniformed service officers as it relates to the distribution of marital property under a Qualified Domestic Relations Order.
That §5-10-27 of the Code of West Virginia, be amended and reenacted; that §7-14D-20 and §7-14D-21 of said code be amended and reenacted; that §8-22A-22 and §8-22A-23 of said code be amended and reenacted; that §15-2-33 of said code be amended and reenacted; that §15-2A-12 of said code be amended and reenacted; and that §16-5V-25 and §16-5V-26 of said code be amended and reenacted, all to read as follows:
a) (1) Except as otherwise provided in this section, in the event any member who has ten or more years of credited service or any former member with ten or more years of credited service and who is entitled to a deferred annuity, pursuant to section twenty- one of this article, may at any time prior to the effective date of his or her retirement, by written declaration duly executed and filed with the board of trustees, in the same manner as if he or she were then retiring from the employ of a participating public employer, elect option A provided in section twenty-four of this article and nominate a beneficiary whom the board finds to have had an insurable interest in the life of the member. Prior to the effective date of his or her retirement, a member may revoke his or her election of option A and nomination of beneficiary and he or she may again prior to his or her retirement elect option A and nominate a beneficiary as provided in this subsection. Upon the death of a member who has an option A election in force, his or her beneficiary, if living, shall immediately receive an annuity computed in the same manner in all respects as if the same member had retired the day preceding the date of his or her death, notwithstanding that he or she might not have attained age sixty years, and elected the said option A. If at the time of his or her retirement a member has an option A election in force, his or her election of option A and nomination of beneficiary shall thereafter continue in force. As an alternative to annuity option A, a member or former member may elect to have the preretirement death benefit paid as a return of accumulated contributions in a lump sum amount to any beneficiary or beneficiaries he or she chooses.
(b) If the surviving spouse dies or if there is no surviving spouse, the fund shall pay monthly to each dependent child a sum equal to one fourth of the surviving spouse's entitlement under either section nineteen or twenty of this article. If there is neither a surviving spouse nor a dependent child, the fund shall pay in equal monthly installments to the dependent parents of the deceased member during their joint lifetimes a sum equal to the amount which a surviving spouse, without children, would have received: Provided, That when there is only one dependent parent surviving, that parent is entitled to receive during his or her lifetime one-half the amount which both parents, if living, would have been entitled to receive: Provided, however, That if there is no surviving spouse, dependent child nor dependent parent of the deceased member the accumulated contributions shall be paid to a named beneficiary or beneficiaries: Provided further, That if there is no surviving spouse, dependent child, nor dependent parent of the deceased member, nor any named beneficiary or beneficiaries then the accumulated contributions shall be paid to the estate of the deceased member.
NOTE: The purpose of this bill is to clarify that retirement dependent child scholarship and burial benefits under PERS, DSRS, MPFRS, Plan A, Plan B and EMSRS of deceased uniformed service officers shall not be subject to division or payable to an alternate payee under a Qualified Domestic Relations Order; and to make technical corrections in §15-2A-12.