As used in this article, the term: (a) “Actuarial cost method” means a method for determining the actuarial present value of the obligations and administrative expenses of the fund and for developing an actuarially equivalent allocation of the value to time periods, usually in the form of a normal cost and a total other post-employment […]
The Legislature declares that certain dedicated revenues should be preserved in trust for the purpose of funding other post-employment benefits. 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) Responsibility for the rules and policies for the proper operation of the fund is vested in the board. (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 […]
(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. (b) Using the actuarial assumptions most recently adopted by the board, the actuary shall, on a biannual basis, or as frequently as the […]
(a) The Public Employees Insurance Agency shall have operational control over the fund. The obligations provided in this article and all related administrative expenses shall be paid from the fund. The Public Employees Insurance Agency may expend moneys from the fund for any purpose authorized by this article. (b) Notwithstanding any provision of this code […]
(a) The board shall annually set the minimum annual employer payment sufficient to maintain the fund in an actuarially sound manner in accordance with generally accepted accounting principles and the annual finance plan. (b) The board shall annually allocate to the respective employers the employer’s proportionate share of the collective net other post-employment liability as […]
(a) Pursuant to the authority contained in section one, article one, chapter four of this code, the presiding officers of each house of the Legislature may appoint a joint committee to be known at the Select Committee on Other Post-Employment Benefits to study other post-employment benefits, including the effects of the amendments to this code […]
