Senate Bill No. 129
(By Senators Tomblin, Mr. President, and Caruth,
By Request of the Executive)
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[Introduced January 18, 2007; referred to the Committee on
Finance.]
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A BILL to amend and reenact §5-16-25 of the Code of West Virginia,
1931, as amended, relating to the authority of the Public
Employees Insurance Agency to transfer excess reserve funds to
the West Virginia Retiree Health Benefit Trust Fund.
Be it enacted by the Legislature of West Virginia:
That §5-16-25 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 16. WEST VIRGINIA PUBLIC EMPLOYEES INSURANCE ACT.
§5-16-25. Reserve fund.
Upon the effective date of this section, the finance board
shall establish and maintain a reserve fund for the purposes of
offsetting unanticipated claim losses in any fiscal year.
Beginning with the fiscal year two thousand two plan and for each
succeeding fiscal year plan, the finance board shall transfer ten
percent of the projected total plan costs for that year into the
reserve fund, which is to be certified by the actuary and included
in the final, approved financial plan submitted to the Governor and Legislature in accordance with the provisions of this article. Any
moneys saved in a plan year shall be transferred into the reserve
fund. At the close of any fiscal year in which the balance in the
reserve fund exceeds the recommended reserve amount by fifteen
percent, the executive director shall transfer that amount to the
fund established in section fourteen-a, article two, chapter five-a
of this code for appropriation by the Legislature the West Virginia
Retiree Health Benefit Trust Fund created in section two, article
sixteen-d of this chapter.
NOTE: The purpose of this bill is to authorize the transfer
of a portion of the reserves of the Public Employees Insurance
Agency to the West Virginia Retiree Health Benefit Trust Fund.
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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