H. B. 2121
(By Delegate Browning)
[Introduced January 9, 2008; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact §5-10B-4 of the Code of West Virginia,
1931, as amended, relating to contributions to government
employees deferred plans.
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
delegated to the board of trustees through the thirtieth day of
June, two thousand six. On the first day of July, two thousand
seven, the treasurer shall manage any deferred compensation plan
for state employees. Any and all records, moneys, contracts, property and other matters involving deferred compensation plans
for state employees shall transfer on the first day of July, two
thousand seven, to the treasurer.
(b) The responsibility for implementing the deferred
compensation plan for employees of a public employer is delegated
to the county commission of a county, the governing body of a
municipality, as that term is defined in section two, article one,
chapter eight of this code, and, in the case of any other political
subdivision, the board, commission or other similar body
responsible for determining the policy of such political
subdivision. A county commission or a governing body of another
public employer may request the treasurer authorize its employees
to participate in the state plan instead of implementing its own
plan.
(c) If the governing body has adopted more than one plan, an
employee electing to participate shall also elect the plan or plans
in which he or she desires to participate. When a public employer
has not implemented a plan, its employees may participate in the
state plan.
(d) Payroll reductions shall be remitted as specified by the
state employer or public employer for deposit in the trust, in each
instance, by the appropriate payroll officer. The board of
trustees, the treasurer or appropriately designated local officer,
board or committee of deferred compensation plan may contract with one or more vendors to provide consolidated billing and all or any
other goods and services needed for a plan.
(e) Plans shall operate 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.
(f) The state employer and the public employers may charge
fees on plan contributions, total assets, total return or other
selected method as necessary to provide for the administrative
expenses of a plan.
(g) The state employer or other public employer may contribute
to the plans for the purpose of matching employee contributions.
NOTE: The purpose of this bill is to allow a state employer
or other public employer to contribute to deferred compensation
plans to match employee contributions.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.