The board has all powers necessary to effectuate the purposes of this article. The board shall contract with a private pension, insurance, annuity, mutual fund or other qualified company or companies to administer the day-to-day operations of the system. In selecting such company or companies the board shall take into account as its highest duty, the proper safeguard and protection of the member and employer contributions and the interest dividends, or other return thereon. The board shall promulgate rules regarding the proper investment of funds notwithstanding the provisions of article six, chapter twelve of this code.
Structure West Virginia Code
Article 7B. Teachers' Defined Contribution Retirement System
§18-7B-3. Defined Contribution Retirement System Created and Established; Body Corporate
§18-7B-4. Article to Be Liberally Construed; Purpose; Federal Qualification Requirements
§18-7B-5. Administration of the Teachers' Defined Contribution Retirement System
§18-7B-7a. Plan Closed to Persons Employed for the First Time After June, 2005; Former Employees
§18-7B-8a. Qualified Military Service
§18-7B-9. Members' Contributions; Annuity Account Established
§18-7B-10. Employer Contributions
§18-7B-11. Termination of Membership
§18-7B-11a. Rollovers and Transfers to Repay Cashed-Out or Withdrawn Contributions
§18-7B-12a. Federal Minimum Required Distributions
§18-7B-13. Amount of Annuity Payments; Federal Law Maximum Benefit
§18-7B-14. Supplemental Annuity Contracts
§18-7B-16. Years of Employment Service
§18-7B-17. Deposits to the Members' Annuity Accounts
§18-7B-19. Benefits Not Forfeited if System Terminates
§18-7B-20. Prohibition of Involuntary Cash-Outs
§18-7B-21. Correction of Errors; Underpayments; Overpayments