§5-16D-6. Mandatory employer contributions


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.
WEST VIRGINIA CODE











‹ Back



 |   Print







WVC 5 - 16 D- 6

§5-16D-6. Mandatory employer contributions.

(a) The board shall annually set the total annual required

contribution sufficient to maintain the fund in an actuarially

sound manner in accordance with generally accepted accounting

principles.

(b) The board shall annually allocate to the respective

employers the employer's portion of the annual required

contribution, which allocated amount is the "employer annual

required contribution".

(c) The board may apportion the annual required contribution

into various components. These components may include the

amortized unfunded actuarial accrued liability, the total normal

cost, the employer annual required contribution and the lesser

included minimum annual employer payment. In the board's annual

apportionment of the annual required contribution, any amounts of

the minimum annual employer payment apportioned to reduce the

amortized unfunded actuarial accrued liability shall not be treated

as premium by the board in the finance plan but, rather, shall be

treated as contributions to prefund other post-employment benefits.

(d) Employers shall make annual contributions to the fund in,

at least, the amount of the minimum annual employer payment rates

established by the board.

(e) The Public Employees Insurance Agency shall bill each

employer for the employer annual required contribution and the

included minimum annual employer payment. The Public Employees Insurance Agency shall annually collect the minimum annual employer

payment. The Public Employees Insurance Agency shall, in addition

to the minimum annual employer payment, collect any amounts the

employer elects to pay toward the employer annual required

contribution. Any employer annual required contribution amount not

satisfied by the respective employer shall remain the liability of

that employer until fully paid.





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.