West Virginia Code 5-10B-5 – Investment of funds
Current as of: 2023 | Check for updates
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Notwithstanding any other provision of law to the contrary, the board, or the Treasurer beginning July 1, 2006, as well as the appropriate local officer, board or committee, designated as responsible for implementing a deferred compensation plan, is hereby authorized to invest compensation held pursuant to a deferred compensation plan in investment products.
Terms Used In West Virginia Code 5-10B-5
- Board: means the Consolidated Public Retirement Board provided for in §. See West Virginia Code 5-10B-2
- Deferred compensation: means the income and earnings on that income an employee may legally defer for personal income tax purposes pursuant to the Internal Revenue Code until distribution. See West Virginia Code 5-10B-2
- plan: means a trust whereby the state employer or a public employer agrees with an employee for the voluntary reduction in employee compensation for the payment of benefits by the state employer or the public employer to the employee at a later date pursuant to this article and the federal laws and regulations relating to eligible state deferred compensation plans as described in Section 457 of the Internal Revenue Code. See West Virginia Code 5-10B-2
- Treasurer: means the state Treasurer. See West Virginia Code 5-10B-2