West Virginia Code 18-7B-10 – Employer contributions
Each participating employer shall annually make a contribution equal to seven and one-half percent of each member's gross compensation. The pro rata share of this amount shall be paid upon each date that a member contribution is made and shall be remitted as provided for in section nine of this article for credit to the member's annuity account. Each participating employer has a fiduciary duty to its employees to ensure that the employer contributions are timely made. In the case of an officer or employee of the state, any unpaid contribution shall be a state debt, contracted as a result of a casual deficit in state revenues, to be accorded preferred status over other expenditures.
Terms Used In West Virginia Code 18-7B-10
- Casual deficit: means a deficit of not more than three percent of the approved levy estimate or a deficit that is nonrecurring from year to year. See West Virginia Code 18-1-1
- compensation: has the meaning given it in §. See West Virginia Code 18-7B-2
- employee: means the following persons, if regularly employed for full-time service: (A) Any person employed by a public school for instructional service in the public schools of West Virginia. See West Virginia Code 18-7B-2
- Employer: means the agency of and within the State of West Virginia which has employed or employs a member, a county board of education which has employed or employs a member, or an electing charter school which has employed or employs a member. See West Virginia Code 18-7B-2
- Employer contribution: means an amount deposited into the member's individual annuity account on a periodic basis coinciding with the employee's regular pay period by an employer from its own funds. See West Virginia Code 18-7B-2
- Fiduciary: A trustee, executor, or administrator.
- in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
- Member contribution: means an amount reduced from the employee's regular pay periods and deposited into the member's individual annuity account within the Teachers' Defined Contribution Retirement System. See West Virginia Code 18-7B-2
- participating employer: means "employer" unless the context clearly requires otherwise. See West Virginia Code 18-7B-2
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
In the event that any payment is not timely made, the participating employer shall immediately give to the employee and the State Auditor notice in writing of the nonpayment, in such form and accompanied by such documentation as may be required by the Auditor. Notice to the Auditor shall operate in the manner of a requisition, and the Auditor shall transmit a warrant to the treasurer. At such time as funds are available in the appropriate account, the treasurer shall pay the employer contribution, together with appropriate daily interest.