This bill proposes comprehensive amendments to the West Virginia Code regarding retirement provisions for various public employee retirement systems, including the Public Employees Retirement System, Deputy Sheriffs Retirement System, and Teachers Retirement System. A significant change is the introduction of the definition of "bona fide separation from service upon retirement," which mandates that a retirant must completely terminate their employment with a participating employer for at least 60 consecutive days without a prearranged agreement to return. The bill also clarifies the notification process for employers regarding retirants who return to work and adds the Emergency Medical Service Retirement System to the provisions allowing public employers to pick up members' contributions. Additionally, it aligns the definition of "required beginning date" for retirement benefits with federal law, ensuring that the age at which benefits must begin corresponds with the member's age and retirement status.
Furthermore, the bill enhances clarity and compliance across multiple retirement systems by updating definitions and provisions related to retirement benefits, service credits, and the reemployment of retirants. It specifies that if a retirant does not meet the bona fide separation requirement, their retirement may be voided, necessitating repayment of any annuity payments received. The bill also introduces new definitions and clarifications for terms such as "covered employment," "final average salary," and "normal retirement age," ensuring that the retirement systems operate effectively and in accordance with federal regulations. Overall, these amendments aim to streamline retirement processes, protect the rights of beneficiaries, and address the state's need for qualified employees while maintaining the actuarial soundness of the retirement systems.
Statutes affected: Introduced Version: 5-10-2, 5-10-19, 5-10-27b, 5-10-48, 5-10C-4, 5-10D-6a, 7-14D-2, 7-14D-9b, 7-14D-24a, 8-22A-2, 8-22A-11, 8-22A-34, 15-2-45, 15-2A-2, 15-2A-6b, 15-2A-6e, 16-5V-2, 16-5V-13, 16-5V-35, 18-7A-3, 18-7A-13a, 18-7A-28b, 18-7B-2, 18-7B-12a, 20-18-2, 20-18-14, 20-18-30, 51-9-1a, 51-9-10, 51-9-12b