A BILL to amend and reenact section four-a, article twenty-three, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to supplemental and additional retirement plans for employees of the governing boards of the state institutions of higher education; authorizing the governing boards to contract for a supplemental retirement plan for certain of their employees who contribute in a limited way to the state teachers retirement system; authorizing the governing boards to contract for an additional retirement system for certain of their employees who do not contribute to the state teachers retirement system; authorizing the governing boards to make periodic deductions from the salary payments due such employees in the amount such employees are required to contribute to either the supplemental retirement plan or the additional retirement plan; and authorizing the governing boards, by way of additional compensation to any of their employees who participate in either a supplemental or additional retirement plan, to pay into the supplemental or additional retirement plans such amounts as the governing boards may from time to time determine, but providing that any such payments made from funds appropriated to the governing boards from the general fund shall not exceed six percent of the covered portions of the salaries of such employees and that any such payments which exceed six percent of the covered portions of the salaries of such employees shall be paid from sources other than funds appropriated to the governing boards from the general fund.

The governing boards shall have the authority to contract for a supplemental retirement plan for any or all of its their employees to supplement the benefits such the employees will receive under the state teachers retirement system. The governing boards shall have the authority to make additional periodic deductions from the salary payments due such the employees in the amount they the employees are required to contribute for the supplemental retirement plan selected by the board boards. The additional deductions shall not exceed five percent of the salary of employees under thirty-five years of age, six percent of the salary of those thirty-five through forty-four years of age, and seven and one-half percent of the salary of those forty-five years of age and above, and be less than four and one-half percent nor more than six percent of those portions of the salaries of the employees which are covered under the supplemental plan. A supplemental plan shall not cover any portion of an employee's salary which is covered by the state teachers retirement system.