Senate Bill No. 622
(By Senators McKenzie, Minear and Sprouse)
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[Introduced February 22, 1999; referred to the Committee on
Pensions; and then to the Committee on Finance.]
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A BILL to amend and reenact section four, article ten-d, chapter
five of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, relating to authorizing the
consolidated retirement board to pay for moving expenses
incurred by an actuary newly appointed by the board.
Be it enacted by the Legislature of West Virginia:
That section four, article ten-d, 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 10D. CONSOLIDATED PUBLIC RETIREMENT BOARD.
§5-10D-4. Employment of an actuary; duties; compensation and
expenses.
(a) The board is hereby empowered and authorized to employ a
state retirement actuary or actuarial firm with such qualifications as the board may prescribe or to utilize an
actuary already in the employ of the state. The actuary or
actuarial firm shall perform the following duties for the board:
(1) Analyze each item of state retirement legislation as to
cost, actuarial soundness and adherence to sound pension policy;
(2) Prepare an actuarial note to be attached to each item of
state retirement legislation prior to its formal introduction.
Such The actuarial note shall briefly summarize the proposed
legislation and set forth its anticipated fiscal and actuarial
impact on the affected state retirement system or systems; and
(3) Such other duties as the board or the board of trustees
of the state public retirement system may assign.
(b) The state retirement actuary or actuarial firm, if one is
employed by the board, shall be compensated in an amount to be
fixed by the board. He or she The state retirement actuary
shall
receive, in addition, the necessary expenses incident to the
performance of his or her the actuary's duties. The board is
authorized to pay all or part of the reasonable expense incurred
by an actuary newly employed by the board in moving household
furniture, effects and immediate family to the actuary's place of
employment. In the event that the board utilizes an actuary
already employed by the state to perform duties for the board,
the board shall reimburse the department or agency which actually
employs the actuary for expenses, including the pro rata portion of salary, that the actuary actually expends in the performance
of duties for the board.
NOTE: The purpose of this bill is to authorize the
Consolidated Retirement Board to pay for moving expenses incurred
by an actuary newly appointed by the board.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that
would be added.