§5-10B-4. Responsibility for implementing plans -- Payroll reductions -- Billing and administration


Published: 2015

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WVC 5 - 10 B- 4

§5-10B-4. Responsibility for implementing plans -- Payroll

reductions -- Billing and administration.

(a) The responsibility for implementing the deferred

compensation plan for employees of the state employer shall be

delegated to the board of trustees through the thirtieth day of

June, two thousand six. On the first day of July, two thousand

six, the Treasurer shall manage any deferred compensation plan for

state employees. Any and all records, moneys, contracts, property

and other matters involving deferred compensation plans for state

employees shall transfer on the first day of July, two thousand

six, to the Treasurer.

(b) The responsibility for implementing the deferred

compensation plan for employees of a public employer is delegated

to the county commission of a county, the governing body of a

municipality, as that term is defined in section two, article one,

chapter eight of this code, and, in the case of any other political

subdivision, the board, commission or other similar body

responsible for determining the policy of such political

subdivision. A county commission or a governing body of another

public employer may request the Treasurer authorize its employees

to participate in the state plan instead of implementing its own

plan.

(c) If the governing body has adopted more than one plan, an

employee electing to participate shall also elect the plan or plans

in which he or she desires to participate. When a public employer has not implemented a plan, its employees may participate in the

state plan.

(d) Payroll reductions shall be remitted as specified by the

state employer or public employer for deposit in the trust, in each

instance, by the appropriate payroll officer. The board of

trustees, the Treasurer or appropriately designated local officer,

board or committee of deferred compensation plan may contract with

one or more vendors to provide consolidated billing and all or any

other goods and services needed for a plan.

(e) Plans shall operate without cost to or contribution from

the state employer or public employer except for the incidental

expense of administering the payroll salary reductions and the

remittance thereof.

(f) The state employer and the public employers may charge

fees on plan contributions, total assets, total return or other

selected method as necessary to provide for the administrative

expenses of a plan.





Note: WV Code updated with legislation passed through the 2015 Regular Session

The WV Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.