§5-10-28. Unified accounting; funds

Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.

‹ Back

 |   Print

WVC 5 - 10 - 28

§5-10-28. Unified accounting; funds.

     For financing and accounting purposes, the West Virginia

Public Employees Retirement System shall consist of only one

division, including, in combination, the participating state

employees and participating public employees who are not state

employees. Unified accounting of the retirement system

transactions shall be maintained for all the assets of the system.

The retirement system funds shall be: (1) The members deposit

fund; (2) the employers accumulation fund; (3) the retirement

reserve fund; (4) the income fund; and (5) the expense fund. All

references in this code to the members deposit fund, the employers

accumulation fund, the retirement reserve fund, the income fund and

the expense fund mean the Public Employees Retirement Fund.

Nothing contained in this section or any prior provision of law

shall be interpreted to mean that any assets of the system,

regardless of their origin or date of receipt, are to be in any

manner segregated or insulated for the purposes of either paying

benefits due or determining or establishing accounting or actuarial

methodologies or functions utilized by the retirement system. The

amendments to this section adopted during the third extraordinary

session of the 1990 legislative session shall not be construed to

limit the powers of the board relating to contributions to or

benefits of the Public Employees Retirement System and any and all

powers residing in the board previously administering the Public

Employees Retirement System shall be preserved.

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.