§16-5V-9 Transfer from Public Employees Retirement System.
§16-5V-9. Transfer from Public Employees Retirement System.
(a) The Consolidated Public Retirement Board shall, within one hundred eighty days of the effective date of the transfer of an emergency medical services officer from the Public Employees Retirement System to the plan, transfer assets from the Public Employees Retirement System Trust Fund into the West Virginia Emergency Medical Services Trust Fund.
(b) The amount of assets to be transferred for each transferring emergency medical services officer shall be computed as of the first day of January, two thousand eight, using the first day of July, two thousand seven, actuarial valuation of the Public Employees Retirement System, and updated with seven and one-half percent annual interest to the date of the actual asset transfer. The market value of the assets of the transferring emergency medical services officer in the Public Employees Retirement System shall be determined as of the end of the month preceding the actual transfer. To determine the computation of the asset share to be transferred the board shall:
(1) Compute the market value of the Public Employees Retirement System assets as of the first day of July, two thousand seven, actuarial valuation date under the actuarial valuation approved by the board;
(2) Compute the actuarial accrued liabilities for all Public Employees Retirement System retirees, beneficiaries, disabled retirees and terminated inactive members as of the first day of July, two thousand seven, actuarial valuation date;
(3) Compute the market value of active member assets in the Public Employees Retirement System as of the first day of July, two thousand seven, by reducing the assets value under subdivision (1) of this subsection by the inactive liabilities under subdivision (2) of this subsection;
(4) Compute the actuarial accrued liability for all active Public Employees Retirement System members as of the first day of July, two thousand seven, actuarial valuation date approved by the board;
(5) Compute the funded percentage of the active members' actuarial accrued liabilities under the Public Employees Retirement System as of the first day of July, two thousand seven, by dividing the active members' market value of assets under subdivision (3) of this subsection by the active members' actuarial accrued liabilities under subdivision (4) of this subsection;
(6) Compute the actuarial accrued liabilities under the Public Employees Retirement System as of the first day of July, two thousand seven, for active emergency medical services officers transferring to the Emergency Medical Services Retirement System;
(7) Determine the assets to be transferred from the Public Employees Retirement System to the Emergency Medical Services Retirement System by multiplying the active members' funded percentage determined under subdivision (5) of this subsection by the transferring active members' actuarial accrued liabilities under the Public Employees Retirement System under subdivision (6) of this subsection and adjusting the asset transfer amount by interest at seven and five-tenths percent for the period from the calculation date of the first day of July, two thousand seven, through the first day of the month in which the asset transfer is to be completed.
(c) Once an emergency medical services officer has elected to transfer from the Public Employees Retirement System, transfer of that amount as calculated in accordance with the provisions of subsection (b) of this section by the Public Employees Retirement System shall operate as a complete bar to any further liability to the Public Employees Retirement System and constitutes an agreement whereby the transferring emergency medical services officer forever indemnifies and holds harmless the Public Employees Retirement System from providing him or her any form of retirement benefit whatsoever until that emergency medical services officer obtains other employment which would make him or her eligible to reenter the Public Employees Retirement System with no credit whatsoever for the amounts transferred to the Emergency Medical Services Retirement System.
(d) Eligible emergency medical services officers that transfer from plans other than the Public Employees Retirement System shall have service recognized under this plan through the purchase of the service through payment by the member of sixty percent of the actuarial accrued liabilities which would result if the service is credited under the Emergency Medical Services Retirement System subject to the following:
(1) The service may be purchased in one-year increments of eligible service or for the total period of eligible service;
(2) Payment must begin within twelve months of the effective date of this article;
(3) Payment must be made in either a one-time lump sum payment received by the board no later than the thirty-first day of December, two thousand eight, or in regular installment payments payable over sixty months with the initial installment received by the board on or before the thirty-first day of December, two thousand eight;
(4) The rate of interest applicable to regular installment payments for the purchase of service shall be the actuarial interest rate assumption as approved by the board for completing the actuarial valuation for the plan year immediately preceding the first day of the plan year in which the service purchase is made, compounded per annum;
(5) Once payments commence, selection of the period of service being purchased may not be amended; and
(6) Service will be credited only upon receipt by the board of all payments due.