West Virginia Code 5-16D-6 – Mandatory employer contributions
(a) The board shall annually set the minimum annual employer payment sufficient to maintain the fund in an actuarially sound manner in accordance with generally accepted accounting principles and the annual finance plan.
Terms Used In West Virginia Code 5-16D-6
- Actuarial valuation: means the determination, as of a valuation date, of the normal cost, total other post-employment benefits liability, actuarial value of assets, and related actuarial present values for the fund. See West Virginia Code 5-16D-1
- Actuarially sound: means that calculated contributions to the fund are sufficient to pay the full actuarial cost of the fund. See West Virginia Code 5-16D-1
- Board: means the Public Employees Insurance Agency Finance Board created in §. See West Virginia Code 5-16D-1
- Employer: means any employer as defined by §. See West Virginia Code 5-16D-1
- Fund: means the West Virginia Retiree Health Benefit Trust Fund established under this article. See West Virginia Code 5-16D-1
- Minimum annual employer payment: means the annual amount paid by employers which, when combined with the retirees&rsquo. See West Virginia Code 5-16D-1
- Proportionate share: means the portion of the collective net other post-employment benefits liability that is attributed to, and the responsibility of, a particular employer. See West Virginia Code 5-16D-1
(b) The board shall annually allocate to the respective employers the employer’s proportionate share of the collective net other post-employment liability as determined by the actuarial valuation in accordance with generally accepted accounting principles.
(c) Employers shall make annual contributions to the fund in, at least, the amount of the minimum annual employer payment rates established by the board.
(d) The Public Employees Insurance Agency shall bill each employer for the minimum annual employer payment. The Public Employees Insurance Agency shall annually collect the minimum annual employer payment. Any employer’s proportionate share of the collective net other post-employment amount not satisfied by the respective employer shall remain the liability of that employer until fully paid or otherwise amortized.