West Virginia Code 12-8-2 – Declaration of policy; legislative findings; legislative intent
The Legislature finds and declares that:
Terms Used In West Virginia Code 12-8-2
- Amortization: Paying off a loan by regular installments.
- Bonds: means bonds, notes, refunding notes and bonds, or other obligations of the state issued by the Governor pursuant to this article. See West Virginia Code 12-8-3
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Pension systems: means the Judges'. See West Virginia Code 12-8-3
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- Teachers Retirement System: means the retirement system established in article seven-a, chapter . See West Virginia Code 12-8-3
- Unfunded actuarial accrued liability: means the aggregate of the unfunded actuarial accrued liabilities of the pension systems, with the unfunded actuarial accrued liability of each pension system being calculated in an actuarial valuation report provided by the Consolidated Public Retirement Board to the Department of Administration pursuant to section four of this article. See West Virginia Code 12-8-3
(a) The Legislature has established a number of pension systems, including the death, disability and retirement fund of the West Virginia State Police established in article two, chapter fifteen of this code; the Judges' Retirement System established in article nine, chapter fifty-one of this code; and the Teachers Retirement System established in article seven-a, chapter eighteen of this code, each of which is a trust for the benefit of the participating public employees.
(b) This article provides for the redemption of the unfunded actuarial accrued liability of each pension system through the issuance of bonds for the purpose of: (i) Providing for the safety and soundness of the pension systems; and (ii) realizing savings over the remaining term of the amortization schedules of the unfunded actuarial accrued liabilities and thereby achieve budgetary savings.