WEST VIRGINIA CODE











‹ Back



 |   Print







WVC 5-

CHAPTER 5. GENERAL POWERS AND AUTHORITY OF THE GOVERNOR, SECRETARY OF STATE AND ATTORNEY GENERAL; BOARD OF PUBLIC WORKS; MISCELLANEOUS AGENCIES, COMMISSIONS, OFFICES, PROGRAMS, ETC.

WVC -10D-

ARTICLE 10D. CONSOLIDATED PUBLIC RETIREMENT BOARD.







WVC 5 - 10 D- 1

§5-10D-1. Consolidated Public Retirement Board continued; members;

vacancies; investment of plan funds.

(a) The Consolidated Public Retirement Board is continued to

administer all public retirement plans in this state. It shall

administer the Public Employees Retirement System established in

article ten of this chapter; the Teachers Retirement System

established in article seven-a, chapter eighteen of this code; the

Teachers' Defined Contribution Retirement System created by article

seven-b of said chapter; the West Virginia State Police Death,

Disability and Retirement Fund created by article two, chapter

fifteen of this code; the West Virginia State Police Retirement

System created by article two-a of said chapter; the Deputy Sheriff

Death, Disability and Retirement Fund created by article

fourteen-d, chapter seven of this code; the Judges' Retirement

System created under article nine, chapter fifty-one of this code;

the Emergency Medical Services Retirement System established in

article five-v, chapter sixteen of this code; and the Municipal

Police Officers and Firefighters Retirement System established in

article twenty-two-a, chapter eight of this code.

(b) The membership of the Consolidated Public Retirement Board

consists of:

(1) The Governor or his or her designee;

(2) The State Treasurer or his or her designee;

(3) The State Auditor or his or her designee;

(4) The Secretary of the Department of Administration or his or her designee;

(5) Four residents of the state, who are not members,

retirants or beneficiaries of any of the public retirement systems,

to be appointed by the Governor, with the advice and consent of the

Senate; and

(6) A member, annuitant or retirant of the Public Employees

Retirement System who is or was a state employee; a member,

annuitant or retirant of the Public Employees Retirement System who

is not or was not a state employee; a member, annuitant or retirant

of the Teachers Retirement System; a member, annuitant or retirant

of the West Virginia State Police Death, Disability and Retirement

Fund; a member, annuitant or retirant of the Deputy Sheriff Death,

Disability and Retirement Fund; a member, annuitant or retirant of

the Teachers' Defined Contribution Retirement System; a member,

annuitant or retirant of the Emergency Medical Services Retirement

System; and beginning as soon as practicable after January 1, 2010,

one person who is a member, annuitant or retirant of a municipal

policemen's or firemen's pension and relief fund or the West

Virginia Municipal Police Officers and Firefighters Retirement

System, all to be appointed by the Governor, with the advice and

consent of the Senate. The Governor shall choose the member

representing the municipal policemen's or firemen's pension and

relief fund or the West Virginia Municipal Police Officers and

Firefighters Retirement System from two names submitted by the

state's largest organization of professional police officers and two names submitted by the state's largest organization of

professional firefighters. Representation of the municipal police

officers and firefighters shall alternate after each term on the

board between persons having police officer and firefighter

affiliation so that each professional group is represented on the

board every other term.

All appointees to the board shall have recognized competence

or significant experience in pension management or administration,

actuarial analysis, institutional management or accounting. Those

members appointed prior to January 1, 2010, shall be considered to

have met these qualifications. One trustee shall be an attorney

experienced in finance and pension matters and one trustee shall be

a certified public accountant. Each member of the board must

complete annual fiduciary training and timely complete any conflict

of interest forms required to serve as a trustee.

(c) The appointed members of the board shall serve five-year

terms. A member appointed pursuant to subdivision (6), subsection

(b) of this section ceases to be a member of the board if he or she

ceases to be a member of the represented system. If a vacancy

occurs in the appointed membership, the Governor, within sixty

days, shall fill the vacancy by appointment for the unexpired term.

No more than six appointees may be of the same political party.

(d) The Consolidated Public Retirement Board has all the

powers, duties, responsibilities and liabilities of the Public

Employees Retirement System established pursuant to article ten of this chapter; the Teachers Retirement System established pursuant

to article seven-a, chapter eighteen of this code; the Teachers'

Defined Contribution Retirement System established pursuant to

article seven-b of said chapter; the West Virginia State Police

Death, Disability and Retirement Fund created pursuant to article

two, chapter fifteen of this code; the West Virginia State Police

Retirement System created by article two-a of said chapter; the

Deputy Sheriff Death, Disability and Retirement Fund created

pursuant to article fourteen-d, chapter seven of this code; the

Judges' Retirement System created pursuant to article nine, chapter

fifty-one of this code; the Emergency Medical Services Retirement

System established in article five-v, chapter sixteen of this code;

and the Municipal Police Officers and Firefighters Retirement

System created pursuant to article twenty-two-a, chapter eight of

this code, and their appropriate governing boards.

(e) The Consolidated Public Retirement Board may propose rules

for legislative approval, in accordance with article three, chapter

twenty-nine-a of this code, necessary to effectuate its powers,

duties and responsibilities: Provided, That the board may adopt

any or all of the rules, previously promulgated, of a retirement

system which it administers.

(f) (1) The Consolidated Public Retirement Board shall

continue to transfer all funds received for the benefit of the

retirement systems, including, but not limited to, all employer and

employee contributions, to the West Virginia Investment Management Board: Provided, That the employer and employee contributions of

the Teachers' Defined Contribution Retirement System, established

in section three, article seven-b, chapter eighteen of this code,

and voluntary deferred compensation funds invested by the West

Virginia Consolidated Public Retirement Board pursuant to section

five, article ten-b of this chapter may not be transferred to the

West Virginia Investment Management Board.

(2) The board may recover from a participating employer that

fails to pay any amount due a retirement system in a timely manner

the contribution due and an additional amount not to exceed

interest or other earnings lost as a result of the untimely

payment, or a reasonable minimum fee, whichever is greater, as

provided by legislative rule promulgated pursuant to the provisions

of article three, chapter twenty-nine-a of this code. Any amounts

recovered shall be administered in the same manner in which the

amount due is required to be administered.

(g) Notwithstanding any provision of this code or any

legislative rule to the contrary, all assets of the public

retirement plans set forth in subsection (a) of this section shall

be held in trust. The Consolidated Public Retirement Board is a

trustee for all public retirement plans, except with regard to the

investment of funds: Provided, That the Consolidated Public

Retirement Board is a trustee with regard to the investments of the

Teachers' Defined Contribution Retirement System and any other

assets of the public retirement plans administered by the Consolidated Public Retirement Board as set forth in subsection (a)

of this section for which no trustee has been expressly designated

in this code.

(h) The board may employ the West Virginia Investment

Management Board to provide investment management consulting

services for the investment of funds in the Teachers' Defined

Contribution Retirement System.



WVC 5 - 10 D- 2

§5-10D-2. Chairman and vice chairman; executive director;

employees; legal advisor; actuary.

(a) The board shall elect from its own number a chairman and

vice chairman.

(b) The board shall appoint an executive director of the

retirement systems. The executive director shall be the chief

administrative officer of all the systems and he or she shall not

be a member of the board. He or she shall perform such duties as

are required of him or her in this article and as the board from

time to time delegates to him or her. The compensation of the

executive director shall be fixed by the board subject to the

approval of the governor. The executive director shall, with the

approval of the board of trustees, employ any administrative,

technical and clerical employees required in the proper operation

of the systems.

(c) Notwithstanding the provisions of section two, article

three of this chapter, the board shall employ and be represented by

an attorney licensed to practice law in the state of West Virginia

who is not an active member of any of the retirement systems

administered by the board.

(d) An actuary, employed by the state or the board pursuant to

section four of this article, shall be the actuarial consultant to

the board.







WVC 5 - 10 D- 3

§5-10D-3. Board meetings; quorum; vote; proceedings; compensation.

(a) The board shall hold a meeting at least once each three

months, and shall designate the time and place of the meeting.

Seven voting trustees constitute a quorum at any meeting of the

board. Each member is entitled to one vote on each question before

the board. The board shall adopt its own rules of procedure and

shall keep a record of its proceedings. All meetings of the board

shall be public.

(b) The members shall serve as members without compensation

for their services as such: Provided, That each member shall be

reimbursed, upon approval of the board, for any necessary expenses

actually incurred by him or her in carrying out his or her duties.

No public employee member may suffer any loss of salary or wages on

account of his or her service as trustee.







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.







WVC 5 - 10 D- 5

§5-10D-5.

Repealed.

Acts, 2000 Reg. Sess., Ch. 54.







WVC 5 - 10 D- 6

§5-10D-6. Voluntary deductions by the Consolidated Public

Retirement Board from monthly benefits to retirees

to pay association dues.

     (a) Any recipient of monthly retirement benefits from any

public retirement plan in this state may authorize that a deduction

from his or her monthly benefits be made for the payment of

membership dues or fees to a retiree association. The deductions

shall be authorized on a form provided by the Consolidated Public

Retirement Board and shall include: (1) The identity and social

security number of the retiree; (2) the amount and frequency of the

deduction; (3) the identity and address of the association to which

the dues or fees shall be paid; and (4) the signature of the

retiree.

     (b) Any retiree association authorized by recipients of

monthly benefits from any public retirement plan in this state to

receive dues or fees from deductions from retirants' monthly

benefits may notify the board of its monthly dues on a form

provided by the board: Provided, That no increase in dues or fees

will be deducted from any retirant's monthly benefit until the

retirant has completed an authorization form containing the

information in subsection (a) and submitted this authorization to

the board. The increased monthly retiree association dues or fees

will be deducted commencing the month following the receipt of the

authorization form to the board.

     (c) Upon execution of the authorization and its receipt by the

Consolidated Public Retirement Board, the deduction shall be made in the manner specified on the form and remitted to the designated

association on the tenth day of each month: Provided, That the

deduction may not be made more frequently than monthly.

     (d) Deduction authorizations may be revoked at any time at

least thirty days prior to the date on which the deduction is

regularly made and on a form to be provided by the Consolidated

Public Retirement Board.

     (e) Notwithstanding the provisions of section twenty-one,

article eight, chapter five-a of this code to the contrary, a

retiree association representing only West Virginia public retirees

may request the board to mail voluntary membership applications and

dues deduction cards to any eligible retirees of any West Virginia

public retirement plan administered by the board: Provided, That

the retiree association shall pay all costs associated with these

mailings, including, but not limited to, copying, mailing, postage,

record-keeping and auditing: Provided, however, That the board may

contract with a third-party to provide mailing services that agrees

to maintain the confidentiality of the names, addresses and other

personally identifiable information of the retirants.

     (f) The board is not liable to any retirant, beneficiary or

other annuitant for any action undertaken pursuant to this section.

Any retiree association agrees, by requesting the board to deduct

dues or fees or to provide mailings for it, to be responsible for

any errors or omissions by the board in conducting these activities

pursuant to this section.

     (g) If any retiree association fails to timely pay to the

board all costs required by this section, the board is authorized to thereafter refuse to provide the services in subsection (e).

     (h) The provisions of this section shall expire July 1, 2022.







WVC 5 - 10 D- 6 A

§5-10D-6a. Voluntary election by eligible retired public safety

officers to have amounts from eligible retirement

plan distributed to pay for qualified health

insurance premiums.

(a) Effective on or after the first day of January, two

thousand seven, any eligible retired public safety officer who is

a participant or member under any eligible retirement plan

administered by the board may voluntarily elect to have amounts

from an eligible retirement plan distributed in order to pay for

qualified health insurance premiums. Such election shall be made

in writing, in a form and manner authorized by the board, and shall

be consistent with the provisions of Section 402(l)(6) of the

Internal Revenue Code as it may be amended from time to time.

(b) The definitions of the following terms contained in

Section 402(l)(4) of the Internal Revenue Code, as it may be

amended from time to time, shall apply for purposes of this

section:

(1)"Eligible retirement plan";

(2)"Eligible retired public safety officer";

(3)"Public safety officer"; and

(4)"Qualified health insurance premiums".

(c) The amount which a participant or member may elect to have

distributed pursuant to subsection (a) of this section shall not

exceed three thousand dollars per taxable year of the participant

or member (or such other limitation amount as is specified in Section 402(l)(2) of the Internal Revenue Code, as it may be

amended or as the limitation may be adjusted from time to time) and

any amounts so elected to be distributed shall be paid by the board

directly to the provider in payment of the qualified health

insurance premiums. "Qualified health insurance premiums" includes

premiums for certain accident or health insurance plans and certain

long-term care insurance contracts.

(d) For purposes of this section, all eligible retirement

plans administered by the board shall be treated as a single plan.







WVC 5 - 10 D- 7

§5-10D-7. Compensation limitations; effective dates.

(a) Effective for plan years beginning after the thirty-first

day of December, one thousand nine hundred ninety-five, and prior

to the first day of January, two thousand two, the annual

compensation of a participant taken into account in determining

benefits or contributions under any of the public retirement plans

administered by the board and which are qualified plans under

Section 401(a) of the Internal Revenue Code may not exceed one

hundred fifty thousand dollars, as indexed in accordance with the

provisions of Section 401(a)(17) of the Internal Revenue Code.

Effective for plan years beginning on or after the first day of

January, two thousand two, the annual compensation of each

participant taken into account in determining allocations for any

plan year beginning on or after the first day of January, two

thousand two, shall not exceed two hundred thousand dollars as

adjusted for cost-of-living increases in accordance with Section

401(a)(17)(B) of the Internal Revenue Code. In determining benefit

accruals in plan years beginning after the thirty-first day of

December, two thousand one, the annual compensation limit for

determination periods beginning before the first day of January,

two thousand two, shall be two hundred thousand dollars. Annual

compensation means compensation during the plan year or any other

consecutive twelve-month period over which compensation is

otherwise determined (the determination period). The

cost-of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with

or within that calendar year. This provision applies

notwithstanding any other provision to the contrary in this code

and notwithstanding any provisions of any legislative rule.

(b) In applying the limitations of subsection (a) of this

section, the consolidated public retirement board may: (1) Adopt

policies or procedures that may be necessary or appropriate in

applying the compensation limitations of Section 401(a)(17) to

participants, including, without limitation, the adoption and

application of any transitional rules to implement the compensation

limitations; and (2) to take any actions that may at any time be

required by the internal revenue service regarding compliance with

the requirements of Section 401(a)(17), including, without

limitation, distributions, credits, set-asides or other

adjustments.







WVC 5 - 10 D- 8

§5-10D-8.

Repealed.

Acts, 2010 Reg. Sess., Ch. 32.







WVC 5 - 10 D- 9

§5-10D-9. When annuities to be paid.

For all of the public retirement plans administered by the

board, the board shall make monthly annuity payments on the

twenty-fifth day of each month, except the month of December, when

the board shall make the payments on the eighteenth day of

December. If the date of payment falls on a holiday, Saturday or

Sunday, then the payment shall be made on the preceding workday.

All annuities shall be paid in twelve monthly payments.







WVC 5 - 10 D- 10

§5-10D-10. Death benefits for participants or members who die

while performing qualified military service;

treatment of differential wage payments.

     (a) Death benefits. In the case of a death occurring on or

after January 1, 2007, if a participant or member of any plan

administered by the board dies while performing qualified military

service (as defined in Section 414(u) of the Internal Revenue

Code), the survivors of the participant or member are entitled to

any additional benefits (other than benefit accruals relating to

the period of qualified military service) provided under the plan

as if the participant or member had resumed and then terminated

employment on account of death, to the extent required by Section

401(a)(37) of the Internal Revenue Code: Provided, That the death

of the participant or member shall not be considered to be by

reason of injury, illness or disease resulting from an occupational

risk or hazard inherent in or peculiar to the service required of

the participant or member, or as having occurred in the performance

of his or her duties as a member, or as a result of any service-

related illness or injury.

     (b) Differential wage payments. For years beginning on or

after December 31, 2008, if a participant or member of any plan

administered by the board is receiving a differential wage payment

(as defined by Section 3401(h)(2) of the Internal Revenue Code),

then for purposes of applying the Internal Revenue Code to the

plan, all of the following shall apply: (i) The participant or member shall be treated as an employee of the employer making the

payment; and (ii) the differential wage payment shall be treated as

compensation of the participant or member for purposes of applying

the Internal Revenue Code (but not for purposes of determining

contributions and benefits under the plan, unless the plan terms

explicitly so provide); (iii) the plan shall not be treated as

failing to meet the requirements of any provision described in

Section 414(u)(1)(C) of the Internal Revenue Code by reason of any

contribution or benefit which is based on the differential wage

payment.

     (c) Nondiscrimination. Subsection (b)(iii) applies only if

all employees of the employer performing service in the uniformed

services described in Section 3401(h)(2)(A) of the Internal Revenue

Code are entitled to receive differential wage payments (as defined

in Section 3401(h)(2) of the Internal Revenue Code) on reasonably

equivalent terms and, if eligible to participate in a retirement

plan maintained by the employer, to make contributions based on the

payments on reasonably equivalent terms.







WVC 5 - 10 D- 11

§5-10D-11. Liability of participating public employer for

delinquent retirement contributions; liability of

participating public employer's successor for

delinquent retirement contributions; lien for

delinquent contributions; collection by suit.

     (a) A participating public employer of a public retirement

system administered pursuant to this article that fails, for a

period of sixty days, to pay: (i) An employee retirement

contribution; (ii) an employer retirement contribution; (iii) a

delinquency fee; (iv) any other fees, charges or costs related to

the public retirement system; or (v) any combination of

subdivisions (i) through (iv) of this subsection, is liable for the

amount pursuant to this article.

     (b) If a participating public employer of a public retirement

system administered pursuant to this article: (i) Sells all or

substantially all of its stock or assets; (ii) merges with another

entity; (iii) dissolves its business; or (iv) participates,

voluntarily or involuntarily, in an event which causes its business

to terminate, all unpaid employee retirement contributions,

employer retirement contributions, delinquency fees and other fees,

charges, or costs related to the public retirement system shall be

paid within thirty days of the date of applicable event identified

in subdivision (i) through (iv) of this subsection.

     (c) A transferee, successor or assignee of a participating

public employer of a public retirement system administered pursuant to this article is liable for the payment of all employee

retirement contributions, employer retirement contributions,

delinquency fees and other fees, charges or costs related to the

public retirement system, if the participating public employer does

not pay those amounts as provided in subsection (b) of this

section.

     (d) All amounts due to the Consolidated Public Retirement

Board from a participating public employer under this article is a

debt owed to the Consolidated Public Retirement Board enforceable

by a lien on all assets of a participating public employer, or its

transferee, successor or assignee within this state. The lien

attaches to all assets of a participating public employer within

this state, or all assets of its transferee, successor or assignee

on the date that any amount owed to the Consolidated Public

Retirement Board is due. If a participating public employer, or

its transferee, successor or assignee fails to pay an amount owed

to the Consolidated Public Retirement Board under this article for

a period of more than sixty days, the Consolidated Public

Retirement Board may enforce the lien against the participating

public employer, or its transferee, successor or assignee by

instituting an action in the Circuit Court of Kanawha County. In

the event that the Consolidated Public Retirement Board institutes

an action against a participating public employer, or its

transferee, successor or assignee to enforce a lien, the

Consolidated Public Retirement Board is entitled to recover the amounts identified in subsection (a) of this section and in

addition to those amounts, is entitled to recover all fees and

costs incurred by the Consolidated Public Retirement Board during

the pendency of the action, including, without limitation, accrued

interest, expert witness costs, filing fees, deposition costs and

reasonable attorney fees.

     (e) If a section, subsection, subdivision, provision, clause

or phrase of this article or its application to any person or

circumstance is held unconstitutional or invalid, the

unconstitutionality or invalidity does not affect other sections,

subsections, subdivisions, provisions, clauses or phrases or

applications of the article, and to this end each and every

section, subsection, subdivision, provision, clause and phrase of

this article are declared to be severable. The Legislature

declares that it would have enacted the remaining sections,

subsections, subdivisions, provisions, clauses and phrases of this

article even if it had known that any sections, subsections,

subdivisions, provisions, clauses and phrases of this article would

be declared to be unconstitutional or invalid, and that it would

have enacted this article even if it had known that its application

to any person or circumstance would be held to be unconstitutional

or invalid.





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.