COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 588
(By Senator Chafin)
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[Originating in the Committee on Pensions;
reported March 1, 2004.]
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A BILL to amend and reenact §5-10B-4 of the code of West Virginia,
1931, as amended, relating to contributions to government
employee deferred plans.
Be it enacted by the Legislature of West Virginia:
That §5-10B-4 of the code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 10B. GOVERNMENT EMPLOYEES DEFERRED COMPENSATION PLANS.
§5-10B-4. Responsibility for implementing plans -- Payroll
reductions -- Billing and administration.
(a) The responsibility for implementing the deferred
compensation plan for employees of the state employer
shall be is
delegated to the
board of trustees consolidated public retirement
board.
(b) (1) The responsibility for implementing the deferred compensation plan for employees of a public employer, as defined
hereunder, shall be in this article, is delegated to:
(A) The county commission of a county or tribunal in lieu
thereof of a county commission;
(B) The governing body of a municipality, as that term is
defined in section two, article one, chapter eight of this code;
and
(C) In the case of any other political subdivision, the board,
commission or other similar body responsible for determining the
policy of
such the political subdivision.
(2) If the governing body has adopted more than one plan, an
employee electing to participate shall also elect the plan in which
he
or she desires to participate. Payroll reductions shall be
made, in each instance, by the appropriate payroll officer. The
board of trustees or appropriately designated local officer, board
or committee of
such the deferred compensation plan may contract
with a private corporation, institution
and or custodial bank,
or
any combination, to provide consolidated billing and all or any
other administrative services
deemed considered necessary, in order
that
any such the deferred compensation plan adopted
shall operate
operates without cost to or contribution from the state employer or
public employer except for the incidental expense of administering
the payroll-salary reductions and the remittance
thereof of the
reductions.
The state employer may contribute to the plans for the
purpose of matching employee contributions under procedures to be
established by legislative rule proposed by the consolidated public retirement board.
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(NOTE: The purpose of this bill is to allow a state employer
to contribute to deferred compensation plans to match employee
contributions.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.)