West Virginia Code 5-16D-2 – Creation of West Virginia Retiree Health Benefit Trust Fund
The Legislature declares that certain dedicated revenues should be preserved in trust for the purpose of funding other post-employment benefits.
Terms Used In West Virginia Code 5-16D-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Covered health care expenses: means all actual health care expenses paid by the health plan on behalf of fund beneficiaries. See West Virginia Code 5-16D-1
- Employer: means any employer as defined by §. See West Virginia Code 5-16D-1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means the West Virginia Retiree Health Benefit Trust Fund established under this article. See West Virginia Code 5-16D-1
- Obligations: means the administrative expenses of the fund and the cost of covered health care expenses incurred on behalf of fund beneficiaries. See West Virginia Code 5-16D-1
- Retiree: means retired employee as defined by §. See West Virginia Code 5-16D-1
- retiree post-employment health care benefits: means those benefits as addressed by governmental accounting standards board statement no. See West Virginia Code 5-16D-1
There is hereby created the West Virginia Retiree Health Benefit Trust Fund for the purpose of providing for and administering retiree post-employment health care benefits, and the respective revenues and costs of those benefits as a cost sharing multiple employer plan.
The fund shall be available without fiscal year limitations for covered health care expenses and administration costs. All contributions, appropriations, earnings, and reserves for the payment of obligations under this article shall be credited to the fund and are irrevocable.
The amounts remaining in the fund, if any, after covered health care expenses and administration costs have been paid shall be retained in the fund as a special reserve for adverse fluctuation. All assets of the fund shall be used solely for the payment of fund obligations and for no other purpose.