Senate Bill No. 611

(By Senator Chafin)

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[Introduced February 23, 2004; referred to the Committee on Pensions; and then to the Committee on Finance.]

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A BILL to amend and reenact §5-10B-4 of the code of West Virginia, 1931, as amended, relating to allowing employees of nonstate public employers to use the deferred compensation plan implemented by the consolidated public retirement board for employees of state employers.

Be it enacted by the Legislature of West Virginia:
That §5-10B-4 of the code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 10B. GOVERNMENT EMPLOYEES DEFERRED COMPENSATION PLANS.
§5-10B-4. Responsibility for implementing plans -- Payroll reductions -- Billing and administration.

(a) The responsibility for implementing the deferred compensation plan for employees of the state employer shall be is delegated to the board of trustees consolidated public retirement board.
(b) (1) The responsibility for implementing the deferred compensation plan for employees of a public employer, as defined hereunder, shall be in this article is delegated to:
(A) The county commission of a county or tribunal in lieu thereof of a county commission;
(B) The governing body of a municipality, as that term is defined in section two, article one, chapter eight of this code; and
(C) In the case of any other political subdivision, the board, commission or other similar body responsible for determining the policy of such the political subdivision.
(2) A public employer may apply to the consolidated public retirement board to request that its employees be allowed to use the deferred compensation plan implemented by the consolidated public retirement board for employees of the state employers, as provided in this article. Upon approval by the consolidated public retirement board, the public employer may allow its employees to use that deferred compensation plan under procedures promulgated by the consolidated public retirement board.
(3) If the governing body has adopted more than one plan, an employee electing to participate shall also elect the plan in which he or she desires to participate. Payroll reductions shall be made, in each instance, by the appropriate payroll officer. The board of trustees or appropriately designated local officer, board or committee of such the deferred compensation plan may contract with a private corporation, institution and or custodial bank, or any combination, to provide consolidated billing and all or any other administrative services deemed considered necessary, in order that any such the deferred compensation plan adopted shall operate operates without cost to or contribution from the state employer or public employer except for the incidental expense of administering the payroll-salary reductions and the remittance thereof of the reductions.



NOTE: The purpose of this bill is to provide a procedure to allow employees of non-state public employers to use the deferred compensation plan implemented by the Consolidated Public Retirement Board for employees of state employers.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.