WVC 5 - 16 - 25
§5-16-25. Reserve fund.
Upon the effective date of this section, the finance board
shall establish and maintain a reserve fund for the purposes of
offsetting unanticipated claim losses in any fiscal year.
Beginning with the fiscal year two thousand two plan and for each
succeeding fiscal year plan, the finance board shall transfer ten
percent of the projected total plan costs for that year into the
reserve fund, which is to be certified by the actuary and included
in the final, approved financial plan submitted to the Governor and
Legislature in accordance with the provisions of this article. Any
moneys saved in a plan year shall be transferred into the reserve
fund. At the close of any fiscal year in which the balance in the
reserve fund exceeds the recommended reserve amount by fifteen
percent, the executive director shall transfer that amount to the
West Virginia Retiree Health Benefit Trust Fund created in section
two, article sixteen-d of this chapter.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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