Current through Register Vol. XLI, No. 24, June 14, 2024
Section 162-3-4 - Contributions to the Trust4.1. Member contributions. Each employee who is a member of the Teachers' Defined Contribution Retirement System shall contribute four and one-half percent (4 Vi%) of his or her gross compensation. Member contributions shall be picked up by each participating employer pursuant to W. Va. Code § 5-1OC-1 et seq. The Teachers' Defined Contribution Retirement System is subject to United States Internal Revenue Code §414(h)(2) [ 25 U.S.C. §414(h)(2) ]. Each participating employer shall cause the member contributions to be paid to the Teachers' Defined Contribution Retirement System within fifteen (15) days of the pay date. Any participating employer who fails to make any payment due the Teachers' Defined Contribution Retirement System by the fifteenth (15th) day following the pay date shall be considered delinquent and may be required to pay earnings lost on the member contributions at the actuarial rate of return determined for the Teachers' Retirement System. Accrual of the loss in earnings owed by the delinquent employer commences after the fifteenth (15th) day following the pay date in which the contributions are due and continues until receipt of the delinquent member contributions.4.2. Employer contributions. Each participating employer shall annually make a contribution equal to seven and one-half percent (7 lA%) of each member's gross compensation. A pro-rata share of the employer contributions shall be paid upon each date that a member contribution is made. The employer contribution shall be immediately credited to the annuity account established in the name of the member and held in trust for the benefit of the member. Each participating employer has a fiduciary duty to its employees to insure that the employer contributions are timely made to the Board. In the event that any employer contribution is not timely made, it is a State debt, contracted as a deficit in State revenues, to be accorded preferred status over other expenditures. Each participating employer shall cause the employer contributions to be paid to the Teachers' Defined Contribution Retirement System within fifteen (15) days of the pay date. Any participating employer who fails to make any payment due the Teachers' Defined Contribution Retirement System by the fifteenth (15th) day following the pay date shall be considered delinquent and may be required to pay earnings lost on the employer contributions at the actuarial rate of return determined for the Teachers' Retirement System. Accrual of the loss in earnings owed by the delinquent employer commences after the fifteenth (15th) day following the pay date in which the contributions are due and continues until receipt of the delinquent employer contributions.