West Virginia Code 5-16D-4 – Actuary
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(a) The actuary employed or retained by the Public Employees Insurance Agency shall provide technical advice to the Public Employees Insurance Agency and to the board regarding the operation of the fund.
Terms Used In West Virginia Code 5-16D-4
- 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
- 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
- Fund: means the West Virginia Retiree Health Benefit Trust Fund established under this article. See West Virginia Code 5-16D-1
- Normal cost: means that portion of the actuarial present value of the fund obligations and expenses which is allocated to a valuation year by the actuarial cost method used for the fund. 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
- 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
(b) Using the actuarial assumptions most recently adopted by the board, the actuary shall, on a biannual basis, or as frequently as the board or generally accepted accounting principles deems necessary, set actuarial valuations of normal cost, actuarial liability, actuarial value of assets, and related actuarial present values for the state plan for other post-employment benefits.