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Introduced Version House Bill 4288 History

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Key: Green = existing Code. Red = new code to be enacted
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H. B. 4288


(By Delegates Swartzmiller, Yost, Stalnaker,
Kominar, Varner, Manchin, Palumbo,
Pino, Caputo and Browning)

[Introduced January 25, 2008; referred to the
Committee on Finance.]


A BILL to amend and reenact §5-10B-10a of the Code of West Virginia, 1931, as amended; and to amend said code by adding thereto a new section, designated §5-10B-12a, all relating to the deferred compensation plan for state employees; clarifying that an employee must have received pay every payday during a fiscal year to qualify for participation in the matching program; and providing the Treasurer with information needed to operate the state deferred compensation plan.

Be it enacted by the Legislature of West Virginia:
That §5-10B-10a of the Code of West Virginia, 1931, as amended, be amended and reenacted; and that said code be amended by adding thereto a new section, designated §5-10B-12a, all to read as follows:
ARTICLE 10B. GOVERNMENT EMPLOYEES DEFERRED COMPENSATION PLANS.
§5-10B-10a. Matching contribution program.
(a) For a period commencing the first day of July, two thousand seven, and continuing through the thirtieth day of September, two thousand twelve, the Treasurer is authorized to establish and operate a savings incentive program pursuant to section 401(a) of the Internal Revenue Code of 1986, as amended, in which a state employee participating in the deferred compensation plan authorized in this article may receive certain matching contributions pursuant to this section. The Treasurer shall establish matching program guidelines in accordance with this article.
(b) To qualify for participation in the matching program, a state employee shall have contributed to his or her deferred compensation account not less than ten dollars every pay period for twelve monthly pay periods or twenty-four semi-monthly pay periods during a fiscal year.
(c) (1) Subject to the limitations provided by subdivision (2) of this subsection and subsections (e) and (f) of this section, the Treasurer shall allocate and credit a matching sum of up to twenty-five percent of the contributions a qualified state employee made to his or her deferred compensation account for twelve monthly pay periods or twenty-four semi-monthly pay periods during a fiscal year subsequent to qualifying to participate in the matching program for a period of up to five fiscal years, which contributions shall be at least ten dollars in every pay period during the fiscal year, and which matching contributions for any employee shall not exceed one hundred dollars in any one fiscal year and four hundred dollars total over the life of the matching program.
(2) The Treasurer shall set the amount of funds a qualified state employee may receive as a match in accordance with this section in an amount not to exceed the amount of funds authorized by the Legislature for this purpose.
(d) The matching contribution shall be remitted annually by the Treasurer from the West Virginia Deferred Compensation Matching Fund, which is hereby created, to the employee's account in the West Virginia Deferred Compensation Trust Fund no later than the thirtieth day of September each year for the prior fiscal year.
(e) The Treasurer shall not obligate, authorize or pay any match for which funds are not available in the West Virginia Deferred Compensation Matching Fund.
(f) Operation of the matching program is contingent upon funding made available by the West Virginia Legislature and may be changed or discontinued at any time for a time certain or indefinitely, as determined by the Legislature or the Treasurer. The maximum amount of funds that may be expended from the Deferred Compensation Matching Fund in any one fiscal year is one million dollars.
(g) On or before the first day of June, two thousand seven, the unclaimed property administrator shall transfer the amount of two million dollars from the Unclaimed Property Trust Fund, created in section thirteen, article eight, chapter thirty-six of this code, to the Deferred Compensation Matching Fund for operation of the matching program. On or before the first day of June, two thousand eight, the unclaimed property administrator shall transfer the amount of one million dollars from the Unclaimed Property Trust Fund to the Deferred Compensation Matching Fund for operation of the matching program.
(h) Moneys in the Deferred Compensation Matching Fund may be invested, in whole or in part, with the West Virginia Board of Treasury Investments or any other entity the Treasurer selects, and all earnings shall accrue to and be retained by the fund.
(i) The State of West Virginia, the Treasurer and his or her employees, agents and representatives shall not be liable for any losses incurred by the Deferred Compensation Matching Fund.
(j) Any moneys remaining in the Deferred Compensation Matching Fund at the termination of the matching program shall be transferred to the General Revenue Fund of the state no later than the thirty-first day of December, two thousand twelve.
(k) Any public employer may elect to operate its own matching program.
§5-10B-12a. Disclosure of information to the Treasurer for operation of the plan.
For purposes of this article, any person or entity with information pertaining to an employee shall disclose to the Treasurer any information the Treasurer determines he or she needs for the operation of the state deferred compensation plan. Disclosure of the information shall begin upon enactment of this section on such schedule and under such arrangements as the Treasurer may reasonably require. Information disclosed pursuant to this section shall be used by the Treasurer only for the operation
of the state plan. The Treasurer shall treat the information obtained as confidential and shall not disclose the information except to a vendor providing goods or services for the plan, who shall also treat the information as confidential, or as required by law.




NOTE: The purpose of this bill is to delete unnecessary language pertaining to the matching program of the deferred compensation plan for state employees, to clarify that an employee must have received pay every payday during a fiscal year to qualify for participation in the matching program and to provide the Treasurer with information needed to operate the state deferred compensation plan.

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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