Terms Used In West Virginia Code > Chapter 12 > Article 8 - Pension Liability Redemption

• Actuarial cost method: means a mathematical process in which the cost of benefits projected to be paid after a period of active employment has ended is allocated over the period of active employment during which the benefits are earned. See West Virginia Code 12-8-3
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• Consolidated Public Retirement Board: means the Board created to administer all public retirement plans in this state under article ten-d, chapter . See West Virginia Code 12-8-3
• Contract: A legal written agreement that becomes binding when signed.
• Costs: include , but are not limited to, amounts necessary to fund any capitalized interest funds and any reserve funds, any costs relating to the issuance and determination of the validity of the bonds, fees for obtaining bond insurance, credit enhancements or liquidity facilities, administrative costs, fees incurred pursuant to subsection (f), section five of this article and costs attributable to the agreements described in section six of this article. See West Virginia Code 12-8-3
• Department of Administration: means the Department established pursuant to article one, chapter . See West Virginia Code 12-8-3
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executive order: means an executive order issued by the Governor to authorize the issuance of bonds as provided in this article. See West Virginia Code 12-8-3
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Investment Management Board: means the Board established under article six, chapter . See West Virginia Code 12-8-3
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Obligation holders: means any holder or owner of any bond, any trustee or other fiduciary for any holder, or any provider of a letter of credit, policy of bond insurance, surety, or other credit enhancement or liquidity facility or swap relating to any bond. See West Virginia Code 12-8-3
• Pension Liability Redemption Fund: means the special account in the State Treasury created pursuant to subsection (a), section eight of this article. See West Virginia Code 12-8-3
• Pension Liability Redemption Payments: means : (a) The principal of, premium, if any, and interest on any outstanding bonds issued pursuant to this article. See West Virginia Code 12-8-3
• Pension systems: means the Judges'. See West Virginia Code 12-8-3
• refunding: means the issuance and sale of bonds the proceeds of which are used or are to be used for the payment, defeasance or redemption of outstanding bonds upon or prior to maturity. See West Virginia Code 12-8-3
• Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) ^{Source: OCC}
• 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
• Trustee: A person or institution holding and administering property in trust.
• 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
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• West Virginia Public Employees Retirement System: means the retirement system established in article ten, chapter . See West Virginia Code 12-8-3
• West Virginia State Police Retirement System: means the retirement system established in article two-a, chapter . See West Virginia Code 12-8-3