West Virginia Code 5-16D-5 – Operational control of trust fund
(a) The Public Employees Insurance Agency shall have operational control over the fund. The obligations provided in this article and all related administrative expenses shall be paid from the fund. The Public Employees Insurance Agency may expend moneys from the fund for any purpose authorized by this article.
Terms Used In West Virginia Code 5-16D-5
- Administrative expenses: means all expenses incurred in the operation of the fund, including all investment expenses. See West Virginia Code 5-16D-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Public Employees Insurance Agency Finance Board created in §. 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
- Obligations: means the administrative expenses of the fund and the cost of covered health care expenses incurred on behalf of fund beneficiaries. See West Virginia Code 5-16D-1
(b) Notwithstanding any provision of this code or any legislative rule to the contrary, all assets of the fund shall be held in trust. The Public Employees Insurance Agency, on behalf of the board, shall have full power to invest and reinvest the fund's assets via the West Virginia Investment Management Board, subject to all of the terms, conditions, limitations, and restrictions imposed by article six, chapter twelve of this code. Subject to the terms, conditions, limitations and restrictions, and consistent with this article, the Public Employees Insurance Agency shall have full power to hold, purchase, sell, assign, transfer, and dispose of any securities and investments in which any of the moneys are invested, including the proceeds of any investments and other moneys belonging to the fund.
(c) Except as otherwise provided in this chapter, no member of the board or employee of the Public Employees Insurance Agency shall have any personal interest in the gains or profits from any investment made by the board or use the assets of the fund in any manner, except to make such payments as may be authorized by the board or by the Secretary of the Department of Administration as the chairman of the board in accordance with this article.