West Virginia § 5-10-31 Employers Accumulation Fund; employers contributions

West Virginia Statutes

§ 5-10-31 — Employers Accumulation Fund; employers contributions

West Virginia·Ch. 5 GENERAL POWERS AND AUTHORITY OF THE GOVERNOR, SECRETARY OF STATE AND ATTORNEY GENERAL; BOARD OF PUBLIC WORKS; MISCELLANEOUS AGENCIES, COMMISSIONS, OFFICES, PROGRAMS, ETC·Art. 10 WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT

(a)The Employers Accumulation Fund is hereby continued. It is the fund in which shall be accumulated the contributions made by the participating public employers to the retirement system, and from which transfers shall be made as provided in this section.

(b)Based upon the provisions of section thirteen of this article, the participating public employers' contributions to the retirement system, as determined by the Consolidated Public Retirement Board, shall be a percent of the members' total annual compensation related to benefits under this retirement system. In determining the amount, the board shall give consideration to setting the amount at a sum equal to an amount which, if paid annually by the participating public employers, will be sufficient to provide for the total normal cos

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(a) The Employers Accumulation Fund is hereby continued. It is the fund in which shall be accumulated the contributions made by the participating public employers to the retirement system, and from which transfers shall be made as provided in this section.

(b) Based upon the provisions of section thirteen of this article, the participating public employers' contributions to the retirement system, as determined by the Consolidated Public Retirement Board, shall be a percent of the members' total annual compensation related to benefits under this retirement system. In determining the amount, the board shall give consideration to setting the amount at a sum equal to an amount which, if paid annually by the participating public employers, will be sufficient to provide for the total normal cost of the benefits expected to become payable to all members and to amortize any unfunded liability found by application of the actuarial funding method chosen for that purpose by the Consolidated Public Retirement Board, over a period of years determined actuarially appropriate.

West Virginia § 5-10-31 (Employers Accumulation Fund; employers contributions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

2014 Reg. Sess., SB444; 2013 Reg. Sess., SB507; 2005 Reg. Sess., HB2984; 1994 Reg. Sess., SB237; 1970 Reg. Sess., SB111; 1968 Reg. Sess., SB55; 1963 Reg. Sess., SB174; 1961 Reg. Sess., SB22