§5-10-28. Unified accounting; funds.
For financing and accounting purposes, the West Virginia
public employees retirement system shall consist of only one
division, including in combination the participating state
employees and participating public employees who are not state
employees. Unified accounting of the retirement system
transactions shall be maintained for all the assets of the system.
The retirement system funds shall be (1) the members deposit fund,
(2) the employers accumulation fund, (3) the retirement reserve
fund, (4) the income fund, and (5) the expense fund. Nothing
contained in this section or any prior provision of law shall be
interpreted to mean that any assets of the system, regardless of
their origin or date of receipt, are to be in any manner segregated
or insulated for the purposes of either paying benefits due or
determining or establishing accounting or actuarial methodologies
or functions utilized by the retirement system. The amendments to
this section adopted during the third extraordinary session of the
1990 legislative session shall not be construed to limit the powers
of the board relating to contributions to or benefits of the public
employees retirement system, and any and all powers residing in the
board previously administering the public employees retirement
system shall be preserved.
Note: WV Code updated with legislation passed through the 2014 1st Special Session
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