ENROLLED
Senate Bill No. 516
(By Senators Plymale, Jackson, Edgell and Sprouse)
____________
[Passed March 13, 1999; in effect ninety days from passage.]
_____________
AN ACT 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.
__________
(NOTE: The purpose of this bill is to clarify that interest
is to be credited by the Public Employees Retirement System on a
calendar year basis.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.)