ENROLLED
COMMITTEE SUBSTITUTE
FOR
H. B. 4032
(By Delegates Stalnaker, Browning, Williams, Frederick, Hall,
Duke and Manchin)
[Passed March 11, 2006; in effect ninety days from passage.]
AN ACT 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 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;
requiring that any amounts recovered shall be administered in
the same manner in which the contributions are required to be
administered; and making technical corrections
.
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 Deputy Sheriff
Death, Disability and Retirement Fund 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 Secretary of the Department of Administration or his
or her designee;
(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 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 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 may 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 West Virginia State Police Retirement
System created by article two-a of said chapter; the Deputy Sheriff
Death, Disability and Retirement Fund 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.
(e) The Consolidated Public Retirement Board may propose rules
for legislative approval, in accordance with article three, chapter
twenty-nine-a of this code, necessary to effectuate its powers,
duties and responsibilities:
Provided, That the board may adopt
any or all of the rules, previously promulgated, of a retirement
system which it administers.
(f) (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 any amount due a retirement system in a timely manner
the contribution due and an additional amount 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
amount due is required to be administered
.
(g) 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 is a
trustee for all public retirement plans, except with regard to the
investment of funds: Provided, That the Consolidated Public
Retirement Board is 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.
(h) 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.