Senate Bill No. 564
(By Senator Tomblin, Mr. President)
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[Introduced February 17, 1999;
referred to the Committee on Pensions.]
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A BILL 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 retirement plans to be made by a
nationally recognized fiduciary service investment consulting or
accounting firm. 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.
NOTE: The purpose of this bill is to allow 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.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.