On Feb. 29, WV LEG reported status of bill re employer contribution.
WV LEG enacted SB 605, amending, reenacting WV LEG 5-10D-12, requiring public employers to remit retirement contributions and fees by electronic funds transfer.
Bill Provisions
Participating employers must report all employees of employer to the Consolidated Public Retirement Board along with certain data necessary for making contributions.
Further, such employers of systems administered per this section must remit all contributions , fees to the Board by electronic funds transfer starting on Jul. 1, 2024.
Failure to comply with result in a $300 surcharge for each paper check submission.
Legislative History
On Jan. 31, 2024, bill introduced in Senate; on Feb. 13, 2024, bill passed Senate.
On Feb. 13, 2024, bill introduced in House; on Feb. 16, 2024, bill passed House.
On Feb. 22, 2024, bill sent to governor; on Feb. 28, 2024, bill approved by Governor.
Effectiveness
Bill will be in effect 90 days from passage, May 16, 2024.
Regulators
WV LEG
Entity Types
CNSM; Corp; Pension
Reference
PR, 2/29/2024; Act, Bill SB605, 2/28/2024; Citation: WV LEG 5-10D-12;
