Statutory Plan Representation

The Statutory Representatives have the right to attend all meetings of the Board and, while they do not have a vote, they do otherwise have the right to participate and, by law, are subject to the same obligations as the Trustees concerning conduct and confidentiality. Committee members do not have a vote but have the right to be heard at the annual meeting of the Board (and other times as agreed) concerning matters relating to the investment program for their respective plans.

The West Virginia Investment Management Act, in W.Va. Code 12-6-3(i) – (j), sets forth a mandatory procedure for specified participant plans to have direct input to the Board of Trustees. This discussion is a brief summary of that procedure. First, the West Virginia Consolidated Public Retirement Board designates an individual representative for each 401(a) defined benefit pension plans and the Offices of the West Virginia Insurance Commissioner designates an individual representative each for the Coal Workers’ Pneumoconiosis Fund and the Workers’ Compensation Funds (the “Statutory Representatives”). Then each Statutory Representative selects up to three persons comprising a committee representing the beneficiaries of that representative’s participant plan. The term of appointment for each Statutory Representative and committee member is from July 1 through June 30 of each year.