Terms Used In West Virginia Code > Chapter 31D > Article 1 > Part 1 - Short Title, Reservation of Powers and

• Actuarial assumptions: means assumptions regarding the occurrence of future events affecting the fund such as mortality, withdrawal, disability, and retirement. See West Virginia Code 5-16D-1
• Actuarial valuation: means the determination, as of a valuation date, of the normal cost, total other post-employment benefits liability, actuarial value of assets, and related actuarial present values for the fund. See West Virginia Code 5-16D-1
• Actuarially sound: means that calculated contributions to the fund are sufficient to pay the full actuarial cost of the fund. See West Virginia Code 5-16D-1
• Administrative expenses: means all expenses incurred in the operation of the fund, including all investment expenses. See West Virginia Code 5-16D-1
• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• 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
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• delivery: means any method of delivery used in conventional commercial practice, including, but not limited to, delivery by hand, mail, commercial delivery and electronic transmission. See West Virginia Code 31D-1-150
• domestic corporation: means a corporation for profit, which is not a foreign corporation, incorporated under or subject to the provisions of this chapter. See West Virginia Code 31D-1-150
• electronically transmitted: means any process of communication not directly involving the physical transfer of paper that is suitable for the retention, retrieval and reproduction of information by the recipient. See West Virginia Code 31D-1-150
• Employer: means any employer as defined by §. See West Virginia Code 5-16D-1
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Foreign corporation: means a corporation for profit incorporated under a law other than the laws of this state. See West Virginia Code 31D-1-150
• Fund: means the West Virginia Retiree Health Benefit Trust Fund established under this article. See West Virginia Code 5-16D-1
• 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.
• Minimum annual employer payment: means the annual amount paid by employers which, when combined with the retirees&rsquo. See West Virginia Code 5-16D-1
• Normal cost: means that portion of the actuarial present value of the fund obligations and expenses which is allocated to a valuation year by the actuarial cost method used for the fund. 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
• Person: includes , but is not limited to, an individual and an entity. See West Virginia Code 31D-1-150
• Plan for other post-employment benefits: means the fiscal funding plan for retiree post-employment health care benefits as it relates to governmental accounting standards board statement no. See West Virginia Code 5-16D-1
• Proportionate share: means the portion of the collective net other post-employment benefits liability that is attributed to, and the responsibility of, a particular employer. See West Virginia Code 5-16D-1
• Secretary: means the corporate officer to whom the board of directors has delegated responsibility under subsection (c), section eight hundred forty, article eight of this chapter for custody of the minutes of the meetings of the board of directors and the meetings of the shareholders and for authenticating records of the corporation. See West Virginia Code 31D-1-150
• signature: includes , but is not limited to, any manual, facsimile, conformed or electronic signature with means to identify a record by signature, mark or other symbol, with intent to authenticate it. See West Virginia Code 31D-1-150
• 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
• system: means the West Virginia Consolidated Public Retirement Board created and established by §. See West Virginia Code 5-16D-1
• Trustee: A person or institution holding and administering property in trust.