H. B. 3160
(By Delegates Michael, Mahan and Stalnaker)
[Introduced
March 23, 2005
; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact §5-10D-1 of the Code of West Virginia,
1931, as amended, relating to authorizing the Consolidated
Public Retirement Board to recover from a participating
employer that fails to pay contributions due the board in a
timely manner, amounts not to exceed interest or other
earnings lost as a result of the untimely payment, or a
reasonable minimum fee, whichever is greater, as provided by
legislative rule; and requiring that any amounts recovered
shall be administered in the same manner in which the
contributions are required to be administered.
Be it enacted by the Legislature of West Virginia:
That §5-10D-1 of
the Code of West Virginia, 1931, as amended,
be amended and reenacted
to read as follows:
ARTICLE 10D. CONSOLIDATED PUBLIC RETIREMENT BOARD.
§5-10D-1. Consolidated Public Retirement Board continued; members; vacancies; investment of plan funds.
(a) The Consolidated Public Retirement Board is continued to
administer all public retirement plans in this state. It shall
administer the Public Employees Retirement System established in
article ten of this chapter; the Teachers Retirement System
established in article seven-a, chapter eighteen of this code; the
Teachers' Defined Contribution Retirement System created by article
seven-b of said chapter; the West Virginia State Police Death,
Disability and Retirement Fund created by article two, chapter
fifteen of this code; the West Virginia State Police Retirement
System created by article two-a of said chapter; the Death,
Disability and Retirement Fund for Deputy Sheriffs created by
article fourteen-d, chapter seven of this code; and the Judges'
Retirement System created under article nine, chapter fifty-one of
this code.
(b) The membership of the Consolidated Public Retirement Board
consists of:
(1) The Governor or his or her designee;
(2) The State Treasurer or his or her designee;
(3) The State Auditor or his or her designee;
(4) The Commissioner of the Employee and Insurance Services
Division of the Department of Administration;
(5) Four residents of the state, who are not members,
retirants or beneficiaries of any of the Public Retirement Systems, to be appointed by the Governor, with the advice and consent of the
Senate; and
(6) A member, annuitant or retirant of the Public Employees
Retirement System who is or was a state employee; a member,
annuitant or retirant of the Public Employees Retirement System who
is not or was not a state employee; a member, annuitant or retirant
of the Teachers Retirement System; a member, annuitant or retirant
of the West Virginia State Police Death, Disability and Retirement
Fund; a member, annuitant or retirant of the Deputy Sheriff's
Death, Disability and Retirement Fund; and a member, annuitant or
retirant of the Teachers' Defined Contribution Retirement System,
all to be appointed by the Governor, with the advice and consent of
the Senate.
(c) The appointed members of the Board shall serve five-year
terms. A member appointed pursuant to subdivision (6), subsection
(b) of this section ceases to be a member of the Board if he or she
ceases to be a member of the represented system. If a vacancy
occurs in the appointed membership, the Governor, within sixty
days, shall fill the vacancy by appointment for the unexpired term.
No more than five appointees shall be of the same political party.
(d) The Consolidated Public Retirement Board has all the
powers, duties, responsibilities and liabilities of the Public
Employees Retirement System established pursuant to article ten of
this chapter; the Teachers Retirement System established pursuant to article seven-a, chapter eighteen of this code; the Teachers'
Defined Contribution System established pursuant to article seven-b
of said chapter; the West Virginia State Police Death, Disability
and Retirement Fund created pursuant to article two, chapter
fifteen of this code; the Death, Disability and Retirement Fund for
Deputy Sheriffs created pursuant to article fourteen-d, chapter
seven of this code; and the Judges' Retirement System created
pursuant to article nine, chapter fifty-one of this code and their
appropriate governing boards. The Consolidated Public Retirement
Board may propose for promulgation all rules necessary to
effectuate its powers, duties and responsibilities pursuant to
article three, chapter twenty-nine-a of this code: Provided, That
the Board may adopt any or all of the rules, previously
promulgated, of a retirement system which it administers.
(e) (1) The Consolidated Public Retirement Board shall
continue to transfer all funds received for the benefit of the
retirement systems within the Consolidated Pension Plan as defined
in section three-c, article six-b, chapter forty-four of this code,
including, but not limited to, all employer and employee
contributions, to the West Virginia Investment Management Board:
Provided, That the employer and employee contributions of the
Teachers' Defined Contribution System, established in section
three, article seven-b, chapter eighteen of this code, and
voluntary deferred compensation funds invested by the West Virginia Consolidated Public Retirement Board pursuant to section five,
article ten-b of this chapter may not be transferred to the West
Virginia Investment Management Board.
(2) The Board may recover from a participating employer that
fails to pay contributions due the Board in a timely manner,
amounts not to exceed interest or other earnings lost as a result
of the untimely payment, or a reasonable minimum fee, whichever is
greater, as provided by legislative rule promulgated pursuant to
the provisions of article three, chapter twenty-nine-a of this
code. Any amounts recovered shall be administered in the same
manner in which the contributions are required to be administered.
(f) Notwithstanding any provision of this code or any
legislative rule to the contrary, all assets of the public
retirement plans set forth in subsection (a) of this section shall
be held in trust. The Consolidated Public Retirement Board shall
be a trustee for all public retirement plans, except with regard to
the investment of funds: Provided, That the Consolidated Public
Retirement Board shall be a trustee with regard to the investments
of the Teachers' Defined Contribution System, the voluntary
deferred compensation funds invested pursuant to section five,
article ten-b of this chapter and any other assets of the public
retirement plans administered by the Consolidated Public Retirement
Board as set forth in subsection (a) of this section for which no
trustee has been expressly designated in this code.
(g) The Board may employ the West Virginia Investment
Management Board to provide investment management consulting
services for the investment of funds in the Teachers' Defined
Contribution System.
Note: The purpose of the bill is to authorize the
Consolidated Public Retirement Board to charge delinquency fees
approximating lost interest or earnings from employers that
participate in a State Retirement System and fail to pay the Board
its retirement collections in a timely manner.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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