WEST VIRGINIA CODE
WVC 5 - 16 D- 5
§5-16D-5. Operational control of trust fund.
(a) The Public Employees Insurance Agency shall have
operational control over the fund. The obligations provided in
this article and all related administrative expenses shall be paid
from the fund. The Public Employees Insurance Agency may expend
moneys from the fund for any purpose authorized by this article.
(b) Notwithstanding any provision of this code or any
legislative rule to the contrary, all assets of the fund shall be
held in trust. The Public Employees Insurance Agency, on behalf of
the board, shall have full power to invest and reinvest the fund's
assets via the West Virginia Investment Management Board, subject
to all of the terms, conditions, limitations, and restrictions
imposed by article six, chapter twelve of this code. Subject to
the terms, conditions, limitations and restrictions, and consistent
with this article, the Public Employees Insurance Agency shall have
full power to hold, purchase, sell, assign, transfer, and dispose
of any securities and investments in which any of the moneys are
invested, including the proceeds of any investments and other
moneys belonging to the fund.
(c) Except as otherwise provided in this chapter, no member of
the board or employee of the Public Employees Insurance Agency
shall have any personal interest in the gains or profits from any
investment made by the board or use the assets of the fund in any
manner, except to make such payments as may be authorized by the
board or by the Secretary of the Department of Administration as the chairman of the board in accordance with this article.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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