[{"_1":2,"_100":-5,"_101":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6326623,"mediaKeyId","2323869-b37ff150bdd118d7c86cbc56c55f3591","parentId",2323869,"title","Senate Pensions Committee adopts operating rules, authorizes chair and staff actions, swears witnesses and adjourns","audioSeconds",2784,"startMs",10000,"endMs",2794000,"viewUrl","/Search/View?dp=1&key=2323869-b37ff150bdd118d7c86cbc56c55f3591&start=10&end=2794","thumbnailUrl","https://assets.pipeline.soar.com/2323869-b37ff150bdd118d7c86cbc56c55f3591/thumbnail_10000.jpg","articleUrl","/articles/6326623/West-Virginia/Senate-Pensions-Committee-adopts-operating-rules-authorizes-chair-and-staff-actions-swears-witnesses-and-adjourns","mediaUrl","https://secure.pipeline.soar.com/6326623-772766a10afa11b7ffe11905858f9831/orig.mp4?Expires=1771142643&Signature=IsUuuw1T-Tny9--EiiW4myUxHvOkm8-YzBpletad~SCGBAHglAjNps~Y2pR8fD5gJiNM0x7AaotEiWEM-UtZHFfOx95F5deOWP9GQgP974u~iynVOMvSHXjNuVYozwQgXwwTFPF66Q-BygMvBizNIsOkEK3MITR-QkW2J97dXppgVliLjY6IojG1DxfbIbBnoBa48e9GO5d8P8ZfCDwnhhHtBLhTlZrGegmNP9ro2A4~0I9f0pSwtwD7RmW2sXn6CL3GusHzX2DU13-~mxwXaMxcy7J5JH~ksw3xNGrVwVwEgbToi3KB6lErLZS9pbGUgCqR~Rxqd3xDW5HHkBpfig__&Key-Pair-Id=KUT5TJCACFTXG","author","West Virginia Legislature","date","2025-02-17T00:00:00Z","article","The Senate Pensions Committee opened with routine organizational votes and concluded by adjourning on motion. The committee adopted the rules of the Senate to govern committee deliberations, authorized the chair to set the committee agenda, authorized staff to make technical corrections to bills and resolutions presented to the committee, authorized the council to incorporate bills or resolutions and report committee substitutes, and approved administering an oath to witnesses (excluding Senate staff and elected officials) under Senate Rule 28a.

The vice chair moved each of the motions and the chair declared each motion adopted after members responded \"aye.\" The committee concluded the session by adopting a motion to adjourn.

These procedural motions were recorded by the clerk; no further legislative actions or bill votes were taken during the meeting.","mediaType","Video","parentTitle","Senate Pensions Committee Feb 17, 2025","oneSentenceSummary","At the start of the meeting the committee adopted Senate rules to govern deliberations, authorized the chair to set the agenda, allowed staff to make technical corrections, authorized reporting committee substitutes and required witnesses (except staff and elected officials) to be sworn, then adjourned by motion.","taxTitle","2025 Legislature WV, West Virginia","taxId",77714,"location","West Virginia","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6326628,"Oversight Board: 12 municipal pension plans still use unsound funding method; optional and optional 2 gaining ground",1852,924000,2776000,"/Search/View?dp=1&key=2323869-b37ff150bdd118d7c86cbc56c55f3591&start=924&end=2776","https://assets.pipeline.soar.com/2323869-b37ff150bdd118d7c86cbc56c55f3591/thumbnail_924000.jpg","/articles/6326628/West-Virginia/Oversight-Board-12-municipal-pension-plans-still-use-unsound-funding-method-optional-and-optional-2-gaining-ground","https://secure.pipeline.soar.com/6326628-ed94d742b5b03730d42533892ae954b4/orig.mp4?Expires=1771142643&Signature=o~JSSRn9e9bqkralqKhUtcL3fzSe2qaQVduwhTigoNT6L5R6zSJ0uohS93SP2kfVBqNkS65GxNmFxmul~RA0tcDY~SQbeoE2Pd0aVJmm3Xrr5q-K3w4m90qFbTukiddKMraPJTo2quvdX2A~VAdhCifwv~BxYc6yLKZKV94A4IHLK6aJiTkkQHbUurvGkRhnlak4oKpq5GdDn2iw8vEm6HMt3G5FH7UvI2MmqcRtOPydlS-sCLsbmHL~qASXLvRT7REKJzPwdgjcfckQyuVcuViQXOgbvGq5ne39ETeqJeJJYh5IJ4~yctDNR8QPFRf2CBZ523VibAPwJPYITk-2aA__&Key-Pair-Id=KUT5TJCACFTXG","Blair Taylor, executive director of the Municipal Pension Oversight Board, told the Senate Pensions Committee that the state oversees 53 municipal police and fire pension plans and that several funding-methodology changes in the past 15 years have improved funding for many plans but left a small group of cities on the alternative method.

Taylor said the oversight board provides actuarial studies, training for trustees and an independent medical exam process for disability claims, and that the board's work aims to bring municipal plans to actuarially sound funding. \"We run a very tight ship,\" Taylor told the committee, describing the oversight office's small staff and administrative-cost controls.

Taylor explained funding-source mechanics: municipal plans may receive a portion of a 1% premium tax surcharge collected by the state Insurance Commission; the oversight board receives 65 basis points, 25 basis points go to volunteer fire companies, and 10 basis points currently go to the teachers' retirement system. He reviewed the history of funding methodologies: in 1991 an \"alternative\" methodology (essentially a base-year calculation with a 107% annual increase) left plans underfunded; the oversight board was created in February 2009 and the \"optional\" methodology (a 40-year amortization schedule) was made available in 2009–2010. Optional 2, created in 2023, gives some plans a new 40-year schedule with fewer years remaining to amortize (funding by 2063 if opted into in 2025).

Taylor said municipalities that moved from alternative or conservation to optional or optional 2 typically increased local contributions and saw material improvements in funded ratios. He gave examples: Charleston contributed roughly $18 million each to its police and fire plans when switching to optional, which raised funded ratios to the mid-30s; Martinsburg moved to optional 2 in 2023 and improved fundedness on both police and fire plans after making additional contributions. Taylor identified six municipalities that still use the alternative methodology for one or both plans: Beckley, Bluefield, Nitro, St. Albans, South Charleston and Princeton (12 plans total). He said Fairmont currently has two conservation plans but a recent study could prompt a move to optional 2.

Taylor also reviewed investment choices and fees. Municipal trustees may invest with private managers or with the state's Investment Management Board (IMB); several cities — including Charleston, Wheeling, Martinsburg and Williamson — have chosen the IMB. Taylor noted private managers sometimes charge more than 1% in annual fees while IMB rates for some municipal plans average roughly 0.25–0.28% (basis points shown in presentation materials), and he said the board posts multi-year fee data on its website.

Taylor said the oversight board enforces accurate pension calculations and provides third-physician tie-breakers for disputed disability claims. He told members the oversight board had no substantive bills to propose this session beyond a rules bill and that the board will continue to provide actuarial support to municipalities and trustees.","Blair Taylor, executive director of the Municipal Pension Oversight Board, told the Senate Pensions Committee that West Virginia has 53 municipal police and fire pension plans, that 12 plans (in six cities) remain on the alternative funding methodology, and that optional/optional 2 conversions have improved funded ratios for some cities.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6326633,"Consolidated Public Retirement Board reports most state pension plans improving, public employees plan fully funded",691,156000,847000,"/Search/View?dp=1&key=2323869-b37ff150bdd118d7c86cbc56c55f3591&start=156&end=847","https://assets.pipeline.soar.com/2323869-b37ff150bdd118d7c86cbc56c55f3591/thumbnail_156000.jpg","/articles/6326633/West-Virginia/Consolidated-Public-Retirement-Board-reports-most-state-pension-plans-improving-public-employees-plan-fully-funded","https://secure.pipeline.soar.com/6326633-3769ebb5f0174fabf409ebb0b625b66b/orig.mp4?Expires=1771142643&Signature=GRiP8c7QO9cc2N-gGKMs8nxUVPTmX3MNWxAdx0aexiMa5nlWc--wqNVhWGViAkE8V4W0y0C3Q2Gtm6EfLIJNsVIniFasiDHqBgmbADFWDmwQEnI8tuwDJID2wxnocRbQb6c8VCq5PjPYR-tLTZ7W2RBxt65n1tsbTZEoYnYJtzQef9vTrglyvSJxJD8P4t-KUkMmr5eSAwijN2pS0IcR-ljpPuyZmxma7QKeDDUckjvSms-i9F0JkZnvwEFVZxsUHASOfpDZC8SulPqtqVZX~3FXl522SHu0A9H0KwZPm-Wb7MTEzUnnKGGuUEyx~8KO2r~dbUWG~tgQE6I4y1HQ1w__&Key-Pair-Id=KUT5TJCACFTXG","Jeff Fleck, executive director of the Consolidated Public Retirement Board, told the Senate Pensions Committee that the public employees retirement plan is now 101.9% funded and reached full funding about 10 years earlier than scheduled.

The update, presented during the committee's meeting, summarized funding levels across the 10 retirement plans the board administers, recent membership shifts between Tier 1 and Tier 2, and the board's long-term actuarial assumptions. \"We all should be very proud of the retirement systems in West Virginia,\" Fleck said, describing the state as a national leader on some funding measures.

Fleck gave an overview of the consolidated board's \"cheat sheet,\" a single-page snapshot of the plans. He said the board administers nine defined-benefit plans and one defined-contribution plan (the latter closed to new participants in February 2005). He described major plans and recent changes: the public employees plan and the teachers defined-benefit plan are the largest; the teachers plan (Teachers' Retirement System) is 83.4% funded and, under the existing amortization schedule, is projected to reach full funding by 2034; the State Police Plan A was closed in 1994 and now contains only retirees; State Police Plan B accepts new officers.

Fleck described other plan-level details included on the sheet: implementation year, active-member counts, retiree counts, employer and employee contribution rates, unfunded accrued liability, percent funded, retirement-age rules, cost-of-living adjustments and the board's investment return assumption. \"At the very end the second to last is the interest rate assumption — we assume we're going to get a 7 and a quarter percent return on all these plans,\" Fleck said, noting that the assumption had recently been reduced from 7.5 percent.

Fleck also reviewed the 2015 Tier 2 changes that increased employee contributions: Tier 1 employees contribute 4.5% of pay while Tier 2 employees contribute 6%. He said Tier 2 membership has grown and for the first time active Tier 2 members outnumber Tier 1 active members. Fleck highlighted other plan-specific notes: the judges' retirement system is funded at about 244% because of historical above-required contributions; the emergency medical services plan's funded ratio rose after roughly 700 9-1-1 employees transferred into that plan; and the natural resources police officer plan had a statutory employer-contribution cap that was removed by the legislature last year, which the actuary said raised the recommended employer rate.

Fleck concluded with overall participant counts from the board's summary: roughly 77,000 active members, about 69,000 retirees, and approximately 37,000 terminated, nonvested former members who still have money in the systems. He answered committee questions about Social Security participation and other technical points during a roughly 10-minute Q&A.

Committee members did not take any formal policy action on this presentation; Fleck said the board will return as needed to answer actuarial questions and provide supporting materials.","Jeff Fleck, executive director of the Consolidated Public Retirement Board, told the Senate Pensions Committee that the public employees retirement plan is 101.9% funded and other plans show varying levels of progress, while the board continues to monitor assumptions and membership tiers.","actionData","errors"]

Article not found

Senate Pensions Committee adopts operating rules, authorizes chair and staff actions, swears witnesses and adjourns

Oversight Board: 12 municipal pension plans still use unsound funding method; optional and optional 2 gaining ground

Consolidated Public Retirement Board reports most state pension plans improving, public employees plan fully funded