2010 West Virginia Code
CHAPTER 18. EDUCATION
ARTICLE 7C. MERGER OF TEACHERS' DEFINED CONTRIBUTION RETIREMENT SYSTEM WITH STATE TEACHERS RETIREMENT SYSTEM.
§18-7C-5. Notice, education, record-keeping requirements.

§18-7C-5. Notice, education, record-keeping requirements.
(a) Commencing not later than the first day of August, two thousand five, the Consolidated Public Retirement Board shall begin an educational program with respect to the merger of the Defined Contribution Retirement System with the State Teachers Retirement System.

(1) This educational program shall address, at a minimum:

(A) The law providing for the merger;

(B) The mechanics of the merger;

(C) The election process;

(D) Relevant dates and time periods;

(E) The benefits, potential advantages and potential disadvantages if members fail or refuse to approve the merger and thereby elect to remain in the Defined Contribution Retirement System;

(F) The benefits, potential advantages and potential disadvantages of becoming a member of the State Teachers Retirement System;

(G) Potential state and federal tax implications in general attendant to the various options available to the members; and

(H) Any other pertinent information considered relevant by the board.

(2) The board shall disseminate the information through:

(A) Its website;

(B) Computer programs;

(C) Written or electronic materials, or both, delivered to each member;

(D) Classes or seminars, if in the best judgment of the board classes or seminars are required to provide the necessary education for a member to make an informed decision with respect to the election;

(E) At the discretion of the board, through a program of individual counseling which is optional on the part of the member; and

(F) Through any other educational program considered necessary by the board.

(b) The board shall provide each member with a copy of the written or electronic educational materials and with a copy of the notice of the election.

(1) The notice shall provide full and appropriate disclosure regarding the merger and the election process, including the date of the election.

(2) The board also shall cause notice of the election to be published in at least ten newspapers of general circulation in this state. This notice shall be:

(A) By Class III legal advertisement published in accordance with the provisions of article three, chapter fifty-nine of this code; and

(B) Published not later than thirty days prior to the beginning of the election period and not sooner than sixty days prior to the beginning of the election period pursuant to section eight of this article.

(c) It is the responsibility of each member of the Defined Contribution Retirement System to keep the board informed of his or her current address. A member who does not is considered to have waived his or her right to receive any information from the board with respect to the purposes of this article.

(d) Once the board has complied with the provisions of this section, each member of the Defined Contribution Retirement System is considered to have actual notice of the election and all matters pertinent to the election.