SENATE CONCURRENT RESOLUTION NO. 13
(By Senators Foster, Minard and Hunter)
Requesting the Joint Committee on Government and Finance study the
risks, benefits and costs of defined benefit pension plans and
defined contribution pension plans provided to state and local
government employees.
Whereas, The State of West Virginia and its political
subdivisions currently have employees participating in defined
benefit pension plans and defined contribution pension plans, with
a majority of state and local employees participating in a defined
benefit plan; and
Whereas, The private sector has moved increasingly toward
providing defined contribution pension plans to employees to reduce
costs associated with defined benefit plans; and
Whereas, The defined contribution pension plans, while
potentially offering employer savings, place the risk of investment
performance on the employee and, thus, offer less retirement income
stability to employees; and
Whereas, The financial costs associated with public employee
pension plans have increasingly become a burden on the state and
its political subdivisions. A comprehensive study of recent trends
in the private sector, the federal government and other states is
needed to determine an appropriate course of action to ensure that meaningful pension benefits are provided to public employees in the
future, while ensuring that those pension plans are also
financially sustainable by state and local governments; therefore,
be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby
requested to study the risks, benefits and costs of defined benefit
pension plans and defined contribution pension plans provided to
state and local government employees; and, be it
Further Resolved, That the Joint Committee on Government and
Finance report to the regular session of the Legislature, 2008, on
its findings, conclusions and recommendations, together with drafts
of any legislation necessary to effectuate its recommendations;
and, be it
Further Resolved, That the expenses necessary to conduct this
study, to prepare a report and to draft necessary legislation be
paid from legislative appropriations to the Joint Committee on
Government and Finance.
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