West Virginia Senate Bill 667 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 4-0)
Status: Engrossed on February 26 2008 - 50% progression, died in committee
Action: 2008-02-27 - To House Finance
Pending: House Finance Committee

The purpose of this bill is to strengthen the financial condition of municipal policemen's and firemen's pensions and relief funds. The bill provides for new revenue by increased contributions by active members and municipalities, by increased insurance premium tax revenue dedicated to the funds, by eliminating requirement of duplicate actuarial studies and by improving investment returns by modifying investment flexibility and oversight. All plans would be placed on an actuarially sound payment scheme. State oversight would be enhanced by the creation of The West Virginia Municipal Pensions Oversight Board, which would be empowered to facilitate standardized procedures among all plans, assist in training and advising local boards of trustees, monitor investments, guard against fraud, provide physicians for disability examinations, and report to the Legislature. Additional revenue from insurance premium surcharge to be distributed among the plans would be invested for five years with the West Virginia Investment Management Board in an attempt to maximize investment return for pension funds. The plans are authorized to make short-term investments with the West Virginia Board of Treasury Investments.

Relating to policemen's and firemen's pension and relief funds

Sen. Dan Foster [D]

Sen. Evan Jenkins [D]

Sen. Joseph Minard [D]

Sen. Robert Plymale [D]

Date	Chamber	Action
2008-02-27		To House Finance
2008-02-27		To Finance
2008-02-27		Introduced in House
2008-02-26		Ordered to House
2008-02-26		Effective from passage (Roll No. 38)
2008-02-26		Passed Senate (Roll No. 38)
2008-02-26		Read 3rd time
2008-02-26		Floor amendment rejected (Voice vote)
2008-02-26		Deferred until Foot of Bills on 2nd Reading
2008-02-26		Unanimous consent
2008-02-26		On 3rd reading with right to amend
2008-02-25		Read 2nd time
2008-02-25		On 2nd reading
2008-02-22		Read 1st time
2008-02-22		On 1st reading
2008-02-22		Immediate consideration
2008-02-22		Unanimous consent
2008-02-22		Committee substitute for committee substitute reported
2008-02-19		To Finance
2008-02-19		Committee substitute reported, but first to Finance
2008-02-14		To Pensions
2008-02-14		To Pensions then Finance
2008-02-14		Introduced in Senate
2008-02-14		To Pensions then Finance
2008-02-14		Filed for introduction

Type	Source
Summary	http://www.legis.state.wv.us/Bill_Status/Bills_history.cfm?input=667&year=2008&sessiontype=RS&btype=bill