ENROLLED
Senate Bill No. 564
(By Senator Tomblin, Mr. President)
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[Passed March 12, 1999; in effect ninety days from passage.]
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AN ACT to amend and reenact section six, article six, chapter
twelve of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to allowing the
West Virginia investment management board to use a
nationally recognized accounting firm or investment
consulting firm to audit the performance returns of the
retirement plans that are part of the consolidated pension
fund.
Be it enacted by the Legislature of West Virginia:
That section six, article six, chapter twelve of the code of
West Virginia, one thousand nine hundred thirty-one, as amended,
be amended and reenacted to read as follows:
ARTICLE 6. WEST VIRGINIA INVESTMENT MANAGEMENT BOARD.
§12-6-6. Annual audits; reports and information to constitutional and legislative officers, council of finance
and administration, consolidated public retirement board,
workers' compensation fund and coal-workers' pneumoconiosis
fund; statements and reports open for inspection.
(a) The board shall cause an annual financial and compliance
audit of the consolidated pension fund to be made by a certified
public accounting firm having a minimum staff of ten certified
public accountants and being a member of the American institute
of certified public accountants, and, if doing business in West
Virginia, being a member of the West Virginia society of
certified public accountants. The financial and compliance audit
shall be made of the board's books, accounts and records, with
respect to its receipts, disbursements, investments, contracts
and all other matters relating to its financial operations.
Copies of the audit report shall be furnished to the governor,
state treasurer, state auditor, president of the Senate, speaker
of the House of Delegates, council of finance and administration
and consolidated public retirement board.
(b) The board shall produce monthly financial statements for the consolidated pension fund and the consolidated fund and cause
them to be delivered to each member of the board and the
executive secretary of the consolidated public retirement board
as established in sections one and two, article ten-d, chapter
five of this code and to the commissioner of the bureau of
employment programs as administrator of the workers' compensation
fund and coal-workers' pneumoconiosis fund, as established in
section one, article one, chapter twenty-three of this code, and
section one, article three of said chapter and section seven,
article four-b of said chapter.
(c) The board shall deliver in each quarter to the council
of finance and administration and the consolidated public
retirement board a report detailing the investment performance of
the retirement plans.
(d) The board shall cause an annual performance audit of the reported
returns of the consolidated pension fund to be made by an
investment consulting or a certified public accounting firm
SB564 H P&R AM 3/9 #1
The Committee on Pensions and Retirement moves to amend the
bill on page four, section six, line thirty-five, by striking out
the words "a nationally recognized" and inserting in lieu thereof
the word "an"
And
On page four, section six, line thirty-six, following the
word "or", by inserting the words "certified public" and
following the word "firm", by inserting the words "meeting the
criteria set out in subsection (a) of this section". meeting th erequirement e requirementcriteria set out in subsection (a) of this section.
The board shall furnish copies of the audit report to the
governor, state treasurer, state auditor, president of the Senate, speaker of the House of Delegates, council of finance and
administration and consolidated public retirement board.
(e) The board shall provide any other information requested
in writing by the council of finance and administration.
(f) All statements and reports with respect to participant
plans required in this section shall be available for inspection
by the members and beneficiaries and designated representatives
of the participant plans.