West Virginia Code 5-10B-7 – Other benefits unaffected by deferred compensation plan
Current as of: 2023 | Check for updates
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Notwithstanding any other provision of law to the contrary, any compensation deferred under this article shall be considered part of an employee's compensation for purposes of any other employee retirement, pension or benefit program. No deferral of compensation under any deferred compensation plan shall effect a reduction of any retirement, pension or other benefit program provided by law.
Terms Used In West Virginia Code 5-10B-7
- 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
- Employee: means any person, whether appointed, elected or under contract, providing services for the state employer or public employer for which compensation is paid. 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