HOUSE CONCURRENT RESOLUTION NO. 119
(By Mr. Speaker, (Mr. Thompson), and
Delegates DeLong, White and Caputo)
[Originating in the House Rules Committee]
Requesting that the Joint Committee on Government and Finance
authorize the study of the financial stability and investment
strategies of the police and fire pension funds in certain
West Virginia municipalities and potential funding methods.
WHEREAS, the police and fire pension funds in many
municipalities in the state are significantly underfunded; and
WHEREAS, the total unfunded liability of those funds exceeds
six hundred million dollars; and
WHEREAS, the return on investment in many of those funds is
substantially less than that realized by the Investment Management
Board for the state pension funds; and
WHEREAS, the police officers and fire fighters in these
municipalities have an expectation of receiving retirement benefits
from the funds to which they and the municipalities have
contributed for many years; and
WHEREAS, the ability of certain of these funds to continue to make payments to retired members is at risk; therefore be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby
requested to study the financial stability and the investment
strategies of the police and fire pension funds in certain West
Virginia municipalities and potential funding methods; and, be it
Further Resolved, That the Joint Committee on Government and
Finance report to the Regular Session of the Legislature, 2009, on
its findings, conclusions and recommendations, together with drafts
of any legislation necessary to effectuate its recommendations;
and, be it
Further Resolved, That the Legislative 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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