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Introduced Version House Bill 2353 History

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Key: Green = existing Code. Red = new code to be enacted
hb2353 intr
H. B. 2353


(By Mr. Speaker, (Mr. Thompson) and Delegate Armstead)
[By Request of the Executive]
[Introduced January 19, 2007; referred to the
Committee on Government Organization then Finance.]



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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