HOUSE CONCURRENT RESOLUTION NO. 73
(By Delegate Stalnaker, Manchin, Williams, Browning, Frederick,
Hall and Duke)
Requesting the Joint Committee on Government and Finance to conduct
the following studies: the coordination of benefits between
social security and the various retirement plans administered
by the Consolidated Public Retirement Board; the efficacy and
feasibility of setting forth in a separate article uniform
provisions common to all of the plans administered by the
Consolidated Public Retirement Board; the adoption of the
prudent investor rule for the Investment Management Board; the
need for supplemental benefits for retirees of the Public
Employees Retirement System and the Teachers Retirement
System; and the state and adequacy of municipal policemens'
and firemens' pension and relief funds, including an
examination of permissive investments and restrictions on
investments.
whereas, Every day, state employees protect the health, safety,
welfare and educational needs of the citizens of West Virginia; and
whereas, After years of service and dedication, these employees
retire and collect much deserved pensions; and
whereas, Inflation has a tremendous impact on retired state employees who must live on fixed incomes; and
whereas, The purchasing power of pension benefits quickly
erodes with even modest increases in the cost of living; and
whereas, Current pension plans in West Virginia do not
adequately protect retirees' pension allowances from inflation; and
whereas, West Virginia's retirement systems are in desperate
need of review and assistance; and
whereas, The current retirement law of this state would be
simpler and easier to understand and administer if, to the extent
possible, taking in account the differences in the participants of
the plans and their occupations, provision which are uniform and
common to all plans administered by the Consolidated Public
Retirement Board are set forth in one article and only the law
specific to each plan set out in the plan itself; and
whereas, Coordination of disability benefits with social
security benefits is an important issue for disability retirants;
and
whereas, Whether this State should adopt the prudent investor
rule for the Investment Management Board is a an important
question; and
whereas, The West Virginia legislature should find a way to
afford and reward retired state employees with suffering pension
plans; and
whereas, The Legislature should perform a study of the foregoing issues so that it may make an informed decision with
respect to the foregoing issues; therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby
requested to conduct a study to develop a supplement system for
members of the Public Employees and Teachers State Retirement
Systems; and
That the Joint Committee on Government and Finance is hereby
requested to conduct a study with respect to the adoption of the
prudent investor rule for the Investment Management Board; and
That the Joint Committee on Government and Finance is hereby
requested to conduct a study with respect to rewriting the
retirement law so that there is one article containing uniform
provisions applicable to all plans administered by the Consolidated
Public Retirement Board; and
That the Joint Committee on Government and Finance is hereby
requested to conduct a study of coordination of social security
benefits with disability retirement benefits; and
That the Joint Committee on Government and Finance is hereby
requested to conduct a study of municipal police and firemens'
pension and relief funds generally, and the funding and investment
practices specifically; and, be it
Further Resolved, That the Joint Committee on Government and
Finance report to the regular session of the Legislature, 2006, 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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