Current through Register Vol. XLI, No. 50, December 13, 2024
Section 162-1-6 - Administrative Expenses6.1. The Consolidated Public Retirement Board shall create an Expense Fund which shall be funded by an assessment against the Teachers Defined Benefit Retirement System, the Public Employees Retirement System, the Judges' Retirement System, the Public Safety Death, Disability and Retirement Fund, the West Virginia State Police Retirement System, the West Virginia Deputy Sheriff Retirement System, the West Virginia Emergency Medical Services Retirement System and the West Virginia Municipal Police Officers and Firefighters Retirement System, with payment out of earnings and the employers part of the Teachers Defined Contribution Plan in an amount determined by the Board, per year, for each member, retirant, beneficiary, and alternate payee receiving benefits. The Board shall deduct the fee from the vested employee account for terminated members and alternate payees of terminated members of the Teachers Defined Contribution Plan who are not vested in any employer contributions.6.2. All administrative costs of the Board, including, but not limited to, salaries and employee benefits, shall be paid from the expense fund. However, any indemnification required pursuant to subsection 5.4 of this rule shall be paid from the particular Retirement System affected.6.3. The administrative expense fund is not subject to satisfaction of any judgment or award against any of the Retirement Systems, and the judgment or award shall be satisfied from assets of the particular Retirement System against which it is levied.