§5-10-36. Income Fund

Published: 2015

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WVC 5-10-36

§5-10-36. Income fund.

The income fund is hereby created. It shall be the fund to

which shall be credited all interest, dividends and other income

from investments of the retirement system, all transfers from the

members deposit fund by reason of lack of claimant or forfeiture of

interest credits, and all other moneys received by the retirement

system, the disposition of which is not specifically provided for

in this article. The board of trustees may accept gifts and

bequests and same shall be credited to the income fund. There

shall be paid or transferred from the income fund all amounts

required to credit regular interest to the members deposit fund,

employers accumulation fund, and the retirement reserve fund, as

provided in this article. Whenever the board determines that the

balance in the income fund is more than sufficient to cover the

current charges to the fund, the board may, by resolution, provide

for contingency reserves, or for the transfer of such excess, or

portions thereof, to cover the needs of the other funds of the

retirement system.

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.