(a) There is hereby created in the state Treasury a special revenue account designated as the "Employee Pension and Health Care Benefits Fund" to be administered by the Department of Administration. Funds in this account may be invested in the manner permitted by the provisions of article six, chapter twelve of this code, with all interest income credited to this Fund.
(b) Effective July 1, 2005, any savings realized from the reduction in employer contributions for current retirement benefits, being the difference between the required employer contributions that would have been required into the Teachers Defined Contribution System as in effect immediately prior to July 1, 2005 and the required employer contribution for normal cost into the state Teachers Retirement System on and after July 1, 2005, shall be deposited into the Employee Pension and Health Care Benefits Fund. The Consolidated Public Retirement Board shall determine the annual amount of the savings based on the annual actuarial valuation for the plan prepared as of July 1, following the end of each fiscal year and certify the amount to the Governor by the thirty-first day of January of that fiscal year. The Governor shall submit the amount of the savings as part of the annual budget submission or in an executive message to the Legislature.
(c) Moneys in the Employee Pension and Health Care Benefits Fund are to be used and expended to pay for the cost of unfunded health care benefits or unfunded pension benefits, or to be transferred into the Pension Liability Redemption Fund created in section eight, article eight, chapter twelve of this code as appropriated by the Legislature.
Structure West Virginia Code
Article 7A. State Teachers Retirement System
§18-7A-1. Establishment of Retirement System
§18-7A-2. Supplemental Benefits
§18-7A-3a. Federal Qualification Requirements
§18-7A-4. Teachers Retirement Board
§18-7A-11. Records; Actuarial Data; Tables; Specification of Actuarial Assumptions
§18-7A-12. Reports by Retirement Board
§18-7A-13a. Resumption of Service by Retired Teachers
§18-7A-14. Contributions by Members; Contributions by Employers; Forfeitures
§18-7A-14b. Members' Option to Make Contributions for Periods of Temporary Total Disability
§18-7A-14c. Correction of Errors; Underpayments; Overpayments
§18-7A-15. Collection of Membership Contributions
§18-7A-16. Transfer of Appropriations
§18-7A-17. Statement and Computation of Teachers' Service
§18-7A-17a. Qualified Military Service
§18-7A-17b. Military Service Credit for Members of the West Virginia National Guard
§18-7A-18. Teachers Retirement System Fund; Transfers
§18-7A-18a. Calculation of Allocation to Teachers Retirement System Fund
§18-7A-19. Custody of Funds; Disbursements; Bond of Custodian; Annual Statement
§18-7A-20. Investment of Funds
§18-7A-21. Misuse of Funds; Penalties
§18-7A-22. Persons Eligible for Prior Service Pensions
§18-7A-23. Withdrawal and Death Benefits
§18-7A-25. Eligibility for Retirement Allowance
§18-7A-25a. Prohibited Forced Retirement of College and University Professors
§18-7A-26. Computation of Annuities
§18-7A-26a. Additional Benefits for Certain Annuitants
§18-7A-26b. Supplemental Benefits for Certain Annuitants
§18-7A-26c. Supplemental Benefits for Certain Annuitants
§18-7A-26d. Supplemental Benefits for Certain Annuitants
§18-7A-26e. Supplemental Benefits to Certain Annuitants
§18-7A-26f. Supplemental Benefits for Certain Annuitants
§18-7A-26g. Supplemental Benefits for Certain Annuitants
§18-7A-26h. Supplemental Benefits for Certain Annuitants
§18-7A-26i. Supplemental Benefits for Retired Teachers
§18-7A-26j. Supplemental Benefits for Certain Teachers Who Retired Prior to July 1, 1981
§18-7A-26l. Supplemental Benefits for Certain Teachers Who Retired Prior to July 1, 1982
§18-7A-26m. Supplemental Benefits for Certain Teachers
§18-7A-26o. Supplemental Benefits for Certain Teachers Who Retired Prior to July 1, 1986
§18-7A-26q. Supplemental Benefits for Certain Teachers Who Retired Prior to April 1, 1988
§18-7A-26s. One-Time Supplement for Certain Annuitants Effective July 1, 2001
§18-7A-26t. One-Time Supplement for Certain Annuitants Effective July 1, 2006
§18-7A-26u. One-Time Bonus Payment for Certain Annuitants Effective July 1, 2008
§18-7A-26v. One-Time Bonus Payment for Certain Annuitants Effective July 1, 2011
§18-7A-26w. Minimum Benefit for Certain Retired Members
§18-7A-28a. Federal Law Maximum Benefit Limitations
§18-7A-28b. Federal Law Minimum Required Distributions
§18-7A-28d. Rollovers and Transfers to Purchase Service Credit or Repay Withdrawn Contributions
§18-7A-28e. Limitations on Benefit Increases
§18-7A-31. Unexpended Funds Under Prior Appropriations
§18-7A-32. Inconsistent Acts Repealed
§18-7A-35. Coverage for Nonteaching Employees; Prior Service Credit
§18-7A-35c. Termination of Benefits; Procedure
§18-7A-37. Benefits Not Forfeited if System Terminates