About Us

About Us

The West Virginia Investment Management Board (WVIMB) was created during the 1997 legislative session and is cited as the West Virginia Investment Management Board Act (the Act). The legislative findings of the Act make it clear that the WVIMB was intended to be a professional, apolitical, financial management organization dedicated to the interests of the State’s teachers, public employees and workers in general.  The Act was intended to give the WVIMB “…the authority to develop, implement and maintain an efficient and modern system for the investment and management of the State’s money.” In order to accomplish this purpose, the Act further state that the WVIMB must “…operate as an independent board with its own full-time staff of financial professionals immune to changing political climates…”[West Virginia Code §12-6-1(a)(b)] The Act also mandates that the assets of the Defined Benefit Plans for Teachers, Deputy Sheriffs, Public Employees and Workers’ Compensation Fund and the Coal Workers’ Pneumoconiosis Fund, are “declared to be irrevocable trusts, available for no use or purpose other than for the benefit of those public employees…workers, miners and their beneficiaries…” [West Virginia Code §12-6-1a(f)]
 
The standard of care mandated by the Statute is that codified in the ”Unified Prudent Investor Act”, Article 6C of Chapter 44 of the West Virginia Code. The WVIMB is further subject to the following requirements:

(A)Trustees shall discharge their duties with respect to the 401(a) Plans for the exclusive purpose of providing benefits to participants and their beneficiaries;

(B)Trustees shall diversify fund investments so as to minimize the risk of large losses unless, under the circumstances, it is clearly prudent not to do so;

(C)Trustees shall defray reasonable expenses of investing and operating the funds under management;

(D)Trustees shall discharge their duties in accordance with the trust documents and instruments governing the trusts or other funds under the management insofar as the documents and instruments are consistent with provisions of this Article; and

(E)The duties of the Board apply only with respect to those assets deposited with or otherwise held by it. [West Virginia Code §12-6-11]


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