West Virginia Code 5-16D-3 – Operation of trust fund
(a) Responsibility for the rules and policies for the proper operation of the fund is vested in the board.
Terms Used In West Virginia Code 5-16D-3
- Actuarial assumptions: means assumptions regarding the occurrence of future events affecting the fund such as mortality, withdrawal, disability, and retirement. See West Virginia Code 5-16D-1
- Actuarially sound: means that calculated contributions to the fund are sufficient to pay the full actuarial cost of the fund. See West Virginia Code 5-16D-1
- Administrative expenses: means all expenses incurred in the operation of the fund, including all investment expenses. See West Virginia Code 5-16D-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Public Employees Insurance Agency Finance Board created in §. See West Virginia Code 5-16D-1
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Plan for other post-employment benefits: means the fiscal funding plan for retiree post-employment health care benefits as it relates to governmental accounting standards board statement no. See West Virginia Code 5-16D-1
- Proportionate share: means the portion of the collective net other post-employment benefits liability that is attributed to, and the responsibility of, a particular employer. See West Virginia Code 5-16D-1
- 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
- system: means the West Virginia Consolidated Public Retirement Board created and established by §. See West Virginia Code 5-16D-1
(b) The board shall adopt actuarial assumptions as it deems necessary and prudent.
(c) The board shall determine the contribution rates in an actuarially sound manner and each employer’s proportionate share sufficient to maintain the fund in accordance with the state plan for other post-employment benefits.
(d) The board may promulgate, in accordance with § 29A-1-1 et seq. of this code, any rules it finds necessary to properly administer the fund. The board may promulgate emergency rules pursuant to the provisions of § 29A-3-15 of this code.
(e) The Public Employees Insurance Agency shall furnish reports to the board at each of the board’s regularly scheduled meetings. The reports shall contain the most recent information reasonably available to the Public Employees Insurance Agency reflecting the obligations of the fund, earnings on investments, and such other information as the board deems necessary and appropriate.
(f) The Secretary of the Department of Administration, as chair of the board, shall cause to be employed within the Public Employees Insurance Agency such personnel as may be needed to carry out the provisions of this article. The pro rata share of the costs to the Public Employees Insurance Agency of operating the fund shall be part of the administrative costs of the fund and shall be reimbursed to the Public Employees Insurance Agency.
(g) The Public Employees Insurance Agency, on the board’s behalf, shall be responsible for the day-to-day operation of the fund and may employ or contract for the services of actuaries and other professionals as required to carry out the duties established by this article.
(h) The board shall contract with the West Virginia Investment Management Board for any necessary services with respect to fund investments.
(i) The Public Employees Insurance Agency, on the board’s behalf, shall maintain all necessary records regarding the fund in accordance with generally accepted accounting principles.
(j) The Public Employees Insurance Agency, on the board’s behalf, shall collect all moneys due to the fund and shall pay current post-employment health care costs and any administrative expenses necessary and appropriate for the operation of the fund from the fund. The fund’s assets shall be maintained and accounted for in state funds. The state funds shall be: (1) The Other Post-Employment Benefit Contribution Accumulation Fund; (2) the Other Post-Employment Benefit Investment Fund; and (3) the Other Post-Employment Benefit Expense Fund. These funds will be maintained by the Public Employees Insurance Agency on the board’s behalf.
(k) The Public Employees Insurance Agency, on the board’s behalf, shall prepare an annual report of fund activities. The report shall include, but not be limited to, independently audited financial statements in accordance with generally accepted accounting principles. The financial statements must be independently audited in accordance with auditing standards generally accepted in the United States and the standards applicable to financial audits contained in government auditing standards as issued by the Comptroller General of the United States.
(l) Notwithstanding any other provision of law to the contrary, the Public Employees Insurance Agency shall be entitled to request and receive any information that it deems necessary and appropriate from any relevant retirement system in order that the provisions of this article may be carried out.