§5-10D-4. Employment of an actuary; duties; compensation

Published: 2015

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WVC 5-10D-4

§5-10D-4. Employment of an actuary; duties; compensation.

(a) The board is hereby empowered and authorized to employ a

state retirement actuary or actuarial firm with such qualifications

as the board may prescribe or to utilize an actuary already in the

employ of the state. The actuary or actuarial firm shall perform

the following duties for the board:

(1) Analyze each item of state retirement legislation as to

cost, actuarial soundness and adherence to sound pension policy;

(2) Prepare an actuarial note to be attached to each item of

state retirement legislation prior to its formal introduction.

Such actuarial note shall briefly summarize the proposed

legislation and set forth its anticipated fiscal and actuarial

impact on the affected state retirement system or systems; and

(3) Such other duties as the board or the board of trustees of

the state public retirement system may assign.

(b) The state retirement actuary or actuarial firm, if one is

employed by the board, shall be compensated in an amount to be

fixed by the board. He or she shall receive, in addition, the

necessary expenses incident to the performance of his or her

duties. In the event that the board utilizes an actuary already

employed by the state to perform duties for the board, the board

shall reimburse the department or agency which actually employs the

actuary for expenses, including the pro rata portion of salary,

that the actuary actually expends in the performance of duties for

the board.

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.