(a) The Employers Accumulation Fund is hereby continued. It is the fund in which shall be accumulated the contributions made by the participating public employers to the retirement system, and from which transfers shall be made as provided in this section.
(b) Based upon the provisions of section thirteen of this
article, the participating public employers' contributions to the
retirement system, as determined by the Consolidated Public
Retirement Board, shall be a percent of the members' total annual
compensation related to benefits under this retirement system. In
determining the amount, the board shall give consideration to
setting the amount at a sum equal to an amount which, if paid
annually by the participating public employers, will be sufficient
to provide for the total normal cost of the benefits expected to
become payable to all members and to amortize any unfunded
liability found by application of the actuarial funding method
chosen for that purpose by the Consolidated Public Retirement
Board, over a period of years determined actuarially appropriate.
Note: WV Code updated with legislation passed through the 2016 Regular Session
The West Virginia Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.