H. B. 3032
(By Delegates Campbell, Kominar, Jenkins, Kelley, Pettit, Facemyer and Border)

(Originating in the Committee on Finance)
[March 3, 1999]

A BILL to amend article two, chapter five-a of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section fourteen-a, relating to creating a reserve fund for the support of the public employees insurance agency programs.

Be it enacted by the Legislature of West Virginia:
That article two, chapter five-a of the code of West Virginia, one thousand nine hundred and thirty-one, as amended, be amended by adding thereto a new section, designated section fourteen-a, to read as follows:
§5A-2-14a. Reserves for the public employees insurance programs.
(a) There is hereby created a special revenue account in the state treasury, designated the "Public Employees Insurance Reserve Fund", which shall be an interest bearing account and may be invested in accordance with the provisions of article six, chapter twelve of this code, with the interest income a proper credit to the fund.
(b) The fund shall consist of moneys appropriated by the Legislature and moneys transferred annually pursuant to the provisions of subsection (c) of this section. These moneys shall be held in reserve and appropriated by the Legislature only for the support of the programs provided by the public employees insurance agency.
(c) Beginning on the thirty-first day of May, two thousand, and annually thereafter, each state agency shall transfer one percent of the annualized expenditures based on filled full time equivalents as determined by the state budget office as of the first day of April for that fiscal year, to the public employees insurance reserve fund. The secretary may exempt that transfer only upon a showing by the requesting agency that the continued operation of that agency is dependent upon receipt of the exemption.
(d) On the first day of January, two thousand one, and annually thereafter, the secretary shall provide a report to the Governor and the Legislature on the amount of reserves established pursuant to the provisions of this section, the number of exemptions granted and the agencies receiving those exemptions.