Current through Register Vol. XLI, No. 50, December 13, 2024
Section 162-3-2 - Purpose2.1. General. The purpose of the Teachers' Defined Contribution Retirement System is to provide a mandatory defined contribution retirement program for all employees who did not select to transfer to the Teachers' Retirement System in accordance with W. Va. Code §18-7D et seq. The Teachers' Defined Contribution Retirement System is fully funded on a current basis from employer and member contributions.2.2. Exclusive benefit. The Teachers' Defined Contribution Retirement System has been created for the exclusive benefit of the members and their beneficiaries subject to the limitations in W. Va. Code § 18-7B-11 with respect to forfeiture. The Board shall interpret the system in a manner consistent with this intent and with the intention that the System satisfy the applicable provisions of Section 401 and Section 501 of the Internal Revenue Code of 1986, as amended, with respect to governmental plans.