WEST virginia legislature
2019 regular session
House Bill 2743
By Delegates Hollen, Graves, Pethtel, Evans, Anderson and Malcolm
(By Request of the Municipal Pensions Oversight Board)
[Passed March 1, 2019; in effect ninety days from passage.]
AN ACT to amend and reenact §8-22-11a of the Code of West Virginia, 1931, as amended, relating to eliminating reference to municipal policemen’s pension and relief funds and municipal firemen’s pension and relief funds in section restricting investment of municipal pension funds as such investment is restricted elsewhere in the code.
Be it enacted by the Legislature of West Virginia:
ARTICLE 22. RETIREMENT BENEFITS GENERALLY; POLICEMEN'S PENSION AND RELIEF FUND; FIREMEN'S PENSION AND RELIEF FUND; PENSION PLANS FOR EMPLOYEES OF WATERWORKS SYSTEM, SEWERAGE SYSTEM OR COMBINED WATERWORKS AND SEWERAGE SYSTEM.
§8-22-11a. Restrictions on investment.
Moneys invested as permitted by §8-22-11 of this code are subject to the restrictions and conditions contained in this section:
(1) At no time may more than 75 percent of the portfolio of either fund be invested in securities described in §8-22-11(7) of this code;
(2) At no time may more than 20 percent of the portfolio of either fund be invested in securities described in §8-22-11(7) of this code which mature within one year from the date of issuance thereof;
(3) At no time may more than nine percent of the portfolio be invested in securities issued by a single private corporation or association; and
(4) At no time may more than 60 percent of the portfolio be invested in equity mutual funds under §8-22-11(10) of this code.