§5-16D-5. Operational control of trust fund

Published: 2015

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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

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.