West Virginia Code of State Rules Agency 162 - Consolidated Public Retirement Board
West Virginia Code of State Rules — Agency 162: Consolidated Public Retirement Board
Overview
The Consolidated Public Retirement Board (CPRB) is the state agency responsible for administering various public retirement systems in West Virginia. It manages the assets, benefits, and policies related to public employee retirement programs under its jurisdiction.
Purpose and Function
Administration of Retirement Systems
The Board oversees the proper administration of retirement benefits for eligible public employees, including teachers, state employees, and other covered groups.
Fund Management
It manages the investments and assets of the retirement funds to ensure long-term financial stability and benefit security for members.
Benefit Processing
The Board processes applications, calculates benefits, and issues retirement payments to eligible members and beneficiaries.
Structure and Governance
The Board is composed of appointed members who establish policies and oversee the retirement systems under its authority.
Members meet regularly to review financial reports, approve policies, and manage operations.
The Board employs staff who handle day-to-day functions, including recordkeeping, customer service, and benefit calculations.
Key Rules and Procedures
Membership Eligibility
Rules define which public employees are eligible for participation in the various retirement systems managed by the Board.
Contributions
The Board sets the rates and methods for employee and employer contributions into the retirement funds.
Benefit Calculation and Payments
Procedures specify how retirement benefits, disability benefits, and survivor benefits are calculated based on factors like years of service and salary history.
Claims and Appeals
The Board establishes processes for members to file claims for benefits and appeal decisions related to eligibility or benefit amounts.
Investment Policies
Rules govern how retirement funds are invested, including risk management and diversification standards to safeguard members’ assets.
Reporting and Transparency
The Board must maintain accurate records and provide periodic reports on fund performance, membership statistics, and actuarial valuations.
Enforcement and Compliance
The Board ensures compliance with its rules through audits, reviews, and oversight.
It may impose penalties or corrective actions if contributions are not made as required or if members violate applicable provisions.
Summary
Agency 162 — the Consolidated Public Retirement Board — is the centralized authority responsible for managing public employee retirement systems in West Virginia. It administers membership, contributions, benefits, investments, and compliance to ensure the integrity and sustainability of public retirement programs for the state’s workforce.
RELATED Blog
0 comments