Bill Text: WV HB2317 | 2018 | Regular Session | Introduced
Bill Title: Establishing a retired teachers instant lottery scratch-off game
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2018-01-10 - To House Pensions and Retirement [HB2317 Detail]
Download: West_Virginia-2018-HB2317-Introduced.html
WEST virginia Legislature
2017 regular session
By
[
to the Committee on Pensions and Retirement then Finance
A BILL to amend the Code
of West Virginia, 1931, as amended, adding thereto a new section, designated §29-22-31,
relating to the establishment of the Retired Teachers Benefit Game; and the
establishment of the State Teachers Retirement Lottery Fund.
Be it enacted by the
Legislature of West Virginia:
That the Code of West
Virginia, 1931, as amended, be amended by adding thereto a new section,
designated §29-22-31, to
read as follows:
ARTICLE 22. State Lottery Act.
§29-22-31. Retired teachers instant lottery scratch-off
game.
(a) Beginning September
1, 2017, the commission shall establish and offer an instant lottery
scratch-off game designated as the Retired Teachers Benefit Game.
(b) Notwithstanding the
provisions of section eighteen of this article, the commission shall transfer
all net profits received from the sale of Retired Teachers Benefit Game lottery
tickets, materials and games to the State Treasurer for deposit into the State
Teachers Retirement Lottery Fund established in this section. The Legislature may make appropriations from
this fund for the operational costs of the game. The State Treasurer shall transfer funds
accrued in the State Teachers Retirement Lottery Fund to the State Teachers
Retirement System upon the written request of the Executive Director of the
West Virginia Consolidated Public Retirement Board to the Investment Management
Board and the State Treasurer.
(c) There is created in the
State Treasury a special revenue fund designated the State Teachers Retirement
Lottery Fund, which consists of all revenues derived from the Retired Teachers
Benefit Game, any appropriations to the fund by the Legislature and all
interest or other returns earned from investment of the fund.
(d) The commission shall
change the design or theme of the Retired Teachers Benefit Game regularly so
that the game remains competitive with the other instant lottery scratch-off
games offered by the commission. The
tickets for the instant lottery game created in this section shall clearly
state that the profits derived from the game are being used to benefit retired
teachers in this state.
NOTE: The purpose of this bill is to establish
within the West Virginia Lottery the Retired Teachers Benefit Game, and to
establish within the State Treasury the State Teachers Retirement Lottery Fund.
Strike-throughs indicate language
that would be stricken from a heading or the present law and underscoring
indicates new language that would be added.