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Automatic Enrollment and Contribution Matching
Treasurer Perdue is pleased to announce the passage of Senate Bill 325 during the 2008 Legislative Session. This bill clarified the contribution matching provisions addressed in House Bill 3097 during the 2007 Legislative Session. Senate Bill 325 makes it easier for State Government Employees to qualify for contribution matching funds.
However, the automatic enrollment provisions set forth in House Bill 3097 remain in place. Please select the links below to view Senate Bill 325 and House Bill 3097 in their entirety. A summary of these bills are also provided below. Select his link to view WV Code pertaining to the West Virginia Retirement Plus Deferred Compensation Plan.
HB 3097
Summary of Automatic Enrollment For New Hires (State Employees Only)
- Every state employee eligible to participate in the State of West Virginia 457 Plan beginning work on or after July 1, 2007 will automatically be enrolled in the 457 Plan unless the employee chooses not to participate (“opts out”)
- Eligible employees may choose to “opt in” anytime
- A minimum payroll deduction is $10 per pay period
SB 325
Summary of Contribution Matching Program (State Employees Only)
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Limited time program – ends June 30, 2012 (began July 1, 2007)
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To qualify to receive the matching, an eligible employee must contribute at least $10 every pay period he or she has during a fiscal year
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To receive any match for contributions made during a fiscal year, an employee must be on the payroll as of June 30 of that fiscal year
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Maximum matching of 25%, not to exceed $100 per year for up to 4 years, and depending on funds available from the $3 million appropriation the Treasurer’s Office received from the Legislature to fund the matching program
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Matching will be paid once a year, by September 30th for the prior fiscal year Back to 457 Deferred Compensation
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