Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb642%20intr.htm&yr=2008&sesstype=RS&i=642
Timestamp: 2020-02-25 08:37:07
Document Index: 786823882

Matched Legal Cases: ['§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18']

[Introduced February 11, 2008, 2008; referred to the Committee on Pensions; and then to the Committee on Finance.]
A BILL to repeal §18-7C-1, §18-7C-2, §18-7C-3, §18-7C-4, §18-7C-5, §18-7C-6, §18-7C-7, §18-7C-8, §18-7C-9, §18-7C-10, §18-7C-11, §18-7C-12, §18-7C-13 and §18-7C-14 of the Code of West Virginia, 1931, as amended; to amend and reenact §18-7A-14 of said code; and to amend said code by adding thereto a new article, designated §18-7D-1, §18-7D-2, §18-7D-3, §18-7D-4, §18-7D-5, §18-7D-6, §18-7D-7, §18-7D-8, §18-7D-9, §18-7D-10 and §18-7D-11, all relating to the State Teachers Retirement System and the Teachers' Defined Contribution Retirement System generally; voluntary transfer of assets from the Teachers' Defined Contribution Retirement System to the State Teachers Retirement System; providing legislative findings and purpose; providing definitions; providing for election on the question of actively contributing members of the Teachers' Defined Contribution Retirement System voluntarily transferring assets to the State Teachers Retirement System; setting forth requirements of election; providing responsibilities of the Consolidated Public Retirement Board; setting forth dates and time periods for transition and election; providing for education about election and transfer; requiring legal notice to members; allowing Consolidated Public Retirement Board to contract directly for professional services for purposes of performing its responsibilities related to the voluntary transfer and conducting the election; permitting only one election; providing for voluntary transfer from the Teachers' Defined Contribution Retirement System to the State Teachers Retirement System upon affirmative vote by seventy percent or more of the actively contributing members; providing for transfer of assets from the Teachers' Defined Contribution Retirement System to the State Teachers Retirement System upon favorable vote; providing for service credit in the State Teachers Retirement System; permitting transferring members to pay an actuarial reserve in order to receive full credit upon transfer; addressing withdrawals and cash outs; addressing qualified domestic relations orders; providing for vesting of members and minimum guarantees of benefits for members; and providing for due process and right to appeal.
That §18-7C-1, §18-7C-2, §18-7C-3, §18-7C-4, §18-7C-5, §18-7C- 6, §18-7C-7, §18-7C-8, §18-7C-9, §18-7C-10, §18-7C-11, §18-7C-12, §18-7C-13 and §18-7C-14 of the Code of West Virginia, 1931, as amended, be repealed; that §18-7A-14 of said code be amended and reenacted; and that said code be amended by adding thereto a new article, designated §18-7D-1, §18-7D-2, §18-7D-3, §18-7D-4, §18-7D- 5, §18-7D-6, §18-7D-7, §18-7D-8, §18-7D-9, §18-7D-10 and §18-7D-11, all to read as follows: