Hey Sammy Poo Here is something you might want to read.

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Hey Sammy Poo Here is something you might want to read.

Post by Cato on Tue Feb 22, 2011 11:57 am

The text of SB 566 introduced yesterday by Senator McCabe, Kessler, and others.

Since I couldn't get the link to work, I'll post the Note at the bottom of the bill - -

NOTE: The purpose of this bill is to deal with other post-employment benefits generally. It prohibits the Public Employees Insurance Agency finance board from including in the financial plans any subsidy for the cost of coverage for retired employees who were hired on or after July 1, 2010. It caps the amount the finance board may include in the financial plans as subsidy for the cost of coverage for retired employees who were hired before July 1, 2010 at $150 million. The bill defines “contractually required contribution” and authorizes the finance board to set minimum annual required contribution below the annual required contribution. The bill specifies that each participating government entity is required to remit annual contractual obligation. It authorizes the Tax Commissioner to disclose certain return information to the Public Employees Insurance Agency to determine total income for premium calculation. The bill increases the excise tax on cigarettes from 55 cents to $1.55 per pack affraid and dedicates a portion of the increased tax to the West Virginia Retiree Health Benefit Trust Fund for ten years. The bill specifies that the trust fund is to keep all earnings during the ten-year period. It specifies that the foundation allowance for Public Employees Insurance Fund shall be paid directly to the West Virginia Retiree Health Benefit Trust Fund and each county board shall reflect its share of the payment as revenue on its financial statements to offset the applicable portion of its annual contractually required contribution expense. It provides that any amount of annual contractually required contribution allocated to and billed county boards of education for certain employees is a liability of the state until fully paid.



Cato

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