West Virginia Code 5-16-31 – PEIA actuarial study
Current as of: 2023 | Check for updates
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PEIA shall conduct an independent actuarial study of the financial solvency of the plan, including, but not limited to, a consideration of alternatives to bring long-term financial stability to the plan, options regarding continued nonstate employee participation in the plan, collapsing salary levels, and any other cost-saving measures. PEIA shall seek input from public employees, retirees, providers, and other interested parties on solutions to evaluate in the study. The actuarial study shall begin on or before July 1, 2023. A report on the study shall be presented to the Joint Committee on Government and Finance on or before July 1, 2024.
Terms Used In West Virginia Code 5-16-31
- Employee: means any person, including an elected officer, who works regularly full-time in the service of the State of West Virginia. See West Virginia Code 5-16-2
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- PEIA: means the Public Employees Insurance Agency created by this article. See West Virginia Code 5-16-2
- Plan: means a group hospital and surgical insurance plan or plans, a group prescription drug insurance plan or plans, a group major medical insurance plan or plans, and a group life and accidental death insurance plan or plans. See West Virginia Code 5-16-2