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Introduced Version House Bill 2297 History

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hb2297 intr
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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