(a) The consolidated retirement board shall, within ninety days of the effective date of the transfer of a deputy sheriff from the Public Employees Retirement System to the plan, transfer assets from the Public Employees Retirement System trust fund into the West Virginia deputy sheriff trust fund.
(b) The amount of assets to be transferred for each transferring deputy sheriff shall be computed as of July 1, 1998, using the actuarial valuation assumptions in effect for July 1, 1998, actuarial valuation of Public Employees Retirement System, and updated with seven and one-half percent annual interest to the date of the actual asset transfer. The market value of the assets of the transferring deputy sheriff in the Public Employees Retirement System shall be determined as of the end of the month preceding the actual transfer. To determine the computation of the asset share to be transferred the board shall:
(1) Compute the market value of the Public Employees Retirement System assets;