West Virginia Code 18-7B-6 – Powers and duties of the consolidated board in the administration of the defined contribution system
Current as of: 2023 | Check for updates
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The board has all powers necessary to effectuate the purposes of this article. The board shall contract with a private pension, insurance, annuity, mutual fund or other qualified company or companies to administer the day-to-day operations of the system. In selecting such company or companies the board shall take into account as its highest duty, the proper safeguard and protection of the member and employer contributions and the interest dividends, or other return thereon. The board shall promulgate rules regarding the proper investment of funds notwithstanding the provisions of article six, chapter twelve of this code.
Terms Used In West Virginia Code 18-7B-6
- board: means the Consolidated Public Retirement Board created and established pursuant to §. See West Virginia Code 18-7B-2
- Contract: A legal written agreement that becomes binding when signed.
- 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
- system: means the Teachers' Defined Contribution Retirement System created and established by this article. See West Virginia Code 18-7B-2