WEST VIRGINIA CODE
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
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