(b) The commission, on behalf of the council, governing boards and itself, shall contract for a retirement plan for their employees, to be known as the "Higher Education Retirement Plan". The commission, council and governing boards shall make periodic deductions from the salary payments due employees in the amount they are required to contribute to the Higher Education Retirement Plan, which deductions shall be six percent.
(c) The commission, council and governing boards may contract for supplemental retirement plans for any or all of their employees to supplement the benefits employees otherwise receive. The commission, council and governing boards may make additional periodic deductions from the salary payments due the employees in the amount they are required to contribute for the supplemental retirement plan.
(d) An organization, by way of additional compensation to their employees, shall pay an amount, which, at a minimum, equals the contributions of the employees into the higher education retirement plan from funds appropriated to the commission, council or governing board for personal services.
(e) As part of an overall compensation plan, the commission, council or a governing board, each at its sole discretion, may increase its contributions to any employee retirement plan to an amount that exceeds the contributions of employees.
(f) Each participating employee has a full and immediate vested interest in the retirement and death benefits accrued from all the moneys paid into the Higher Education Retirement Plan or a supplemental retirement plan for his or her benefit. Upon proper requisition of a governing board, the commission or council, the Auditor periodically shall issue a warrant, payable as specified in the requisition, for the total contributions so withheld from the salaries of all participating employees and for the matching funds of the commission, council or governing board.
(g) Any person whose employment commences on or after July 1,
1991, and who is eligible to participate in the Higher Education
Retirement Plan, shall participate in that plan and is not eligible
to participate in any other state retirement system: Provided, That
the foregoing provision does not apply to a person designated as a 21st Century Learner Fellow pursuant to section eleven, article
three, chapter eighteen-a of this code. The additional retirement
plan contracted for by the governing boards prior to July 1, 1991,
remains in effect unless changed by the commission. Nothing in
this section considers employees of the council or governing boards
as employees of the commission, nor is the commission responsible
or liable for retirement benefits contracted by, or on behalf of,
the council or governing boards.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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