West Virginia Senate Bill 308 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on January 27 2011 - 25% progression, died in committee
Action: 2011-01-27 - To Pensions
Pending: Senate Pensions Committee
Text: Latest bill text (Introduced) [HTML]

The purpose of this bill is to clarify the definition of compensation for purposes of calculating required contributions to the system includes only regular salaries, not bonuses or other one-time payments; clarifying membership in the system does not terminate upon cessation of employment with a participating public employer, but rather upon withdrawal of accumulated contributions; provide a new requirement that individuals first hired after July 1, 2011 must have at least five years of contributory service to retire under the "rule of eighty"; make technical corrections to the provision governing annuity options, which previously referred to members when accurate term is retirants; require retirants changing annuity options to certify that no final divorce decree or other court order prohibits the change, to protect alternate payees and other beneficiaries of the orders; make technical corrections to the provision governing disability retirement, which referred to former members, who would not be eligible for any retirement benefits having left the membership of the system; clarify that the correction of errors statute applies to both employer errors and errors of the system's administrative body; provide that the correction of an error with respect to a retirant already receiving an annuity may be prospective only; provide a system for the reimbursement of mistaken contributions that ensures the plan's continued qualified status; and make technical correction to the definition of regular full-time employment in the provision governing reemployment of retirees.

Relating to Public Employees Retirement System

Sen. Dan Foster [D]

Date	Chamber	Action
2011-01-27		To Pensions
2011-01-27		Introduced in Senate
2011-01-26		To Pensions then Finance
2011-01-27		Filed for introduction

HB2474 (Similar To) 2011-01-14 - To House Pensions and Retirement
HB2921 (Similar To) 2011-03-12 - On 3rd reading, House Calendar
HB2939 (Same As) 2011-06-06 - Effective Date

Chapter	Article	Section	Citation Type	Statute Text
5	10	18	Amended Code	Citation Text
5	10	2	Amended Code	Citation Text
5	10	21	Amended Code	Citation Text
5	10	24	Amended Code	Citation Text
5	10	25	Amended Code	Citation Text
5	10	44	Amended Code	Citation Text
5	10	48	Amended Code	Citation Text

Type	Source
Summary	http://www.legis.state.wv.us/Bill_Status/Bills_history.cfm?input=308&year=2011&sessiontype=RS&btype=bill
Text	http://www.legis.state.wv.us/Bill_Status/bills_text.cfm?billdoc=sb308%20intr.htm&yr=2011&sesstype=RS&i=308