ENGROSSED
Senate Bill No. 516
(By Senators Plymale, Jackson, Edgell and Sprouse)
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[Originating in the Committee on Pensions;
reported February 11, 1999.]
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A BILL to amend and reenact section forty-one, article ten, chapter
five of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, relating to the public employees
retirement system; and specifying that interest on certain
funds shall be credited on a calendar year basis instead of a
fiscal year basis.
Be it enacted by the Legislature of West Virginia:
That section forty-one, article ten, chapter five of the code
of West Virginia, one thousand nine hundred thirty-one, as amended,
be amended and reenacted to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-41. Allowance of regular interest on balances in funds.
The board of trustees shall, at the end of each calendar year, allow and credit regular interest on the balance at the beginning
of the said fiscal that calendar year in each member's individual
account in the members deposit fund and on the mean balances in the
employers accumulation fund and the retirement reserve fund. The
interest so allowed and credited shall be charged to the income
fund.