H. B. 2297
(By Delegates Browning and Staton)
[Introduced February 14, 2005; 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.
The responsibility for implementing the deferred compensation
plan for employees of the state employer
shall be is delegated to
the board of trustees. The responsibility for implementing the
deferred compensation plan for employees of a public employer, as
defined
hereunder, shall be in this article is delegated to the
county commission of a county or tribunal in lieu
thereof of the county commission, 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 the political subdivision. If the
governing body has adopted more than one plan, an employee electing
to participate shall also elect the plan in which
he the employee
desires to participate. Payroll reductions shall be made, in each
instance, by the appropriate payroll officer. The board of
trustees or appropriately designated local officer, board or
committee of
such the deferred compensation plan may contract with
a private corporation, institution
and/ or custodial bank,
or
combination to provide consolidated billing and all or any other
administrative services
deemed considered necessary, in order that
any such the deferred compensation plan adopted
shall operate
operates 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 of the
reductions. 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.
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