West Virginia 2023 Regular Session Status: Enacted

SB 458 — Setting rate of interest on delinquent retirement contribution submissions

Last action — Chapter 163, Acts, Regular Session, 2023

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House of Delegates
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced January 24, 2023. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 1 recorded vote so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

14 added · 15 removed

Plain-language change summary

The amendments to Bill SB 458 replace the term "regular interest" with "actuarial interest rate" and clarify that interest will be compounded daily. This change matters because it ensures that the interest required for delinquent payments by employers into retirement systems reflects a more accurate financial assessment, potentially leading to higher payments that better support the retirement funds. Additionally, it assures that there's a minimum interest charge of $50 to ensure some return on overdue funds.

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WEST VIRGINIA LEGISLATURE REGULAR SESSION Introduced Senate Bill 458 BY SENATONELSON [Introduced January 24, 2023;
WEST VIRGINIA LEGISLATURE REGULAR SESSION ENROLLED Senate Bill 458 By Senator Nelson [Passed March 06, 2023;
referred to the Committee on Pensions;
in effect 90 days from passage] Enr SB 458 AN ACT to amend and reenact §5-10D-13 of the Code of West Virginia, 1931, as amended;
and then to the Committee on Finance] Intr SB 458 A BILL to amend and reenact §5-10D-13 of the Code of West Virginia, 1931, as amended;
If any participating employer becomes delinquent as provided in this section, the State Auditor, county commission, or sheriff is authorized and directed to withhold any money due the participating employer by the state or county until the delinquency, together with regular interest thereon, is satisfied.
If any participating employer becomes delinquent as provided in this section, the State Auditor, county commission, or sheriff is authorized and directed to withhold any money due the participating employer by the state or county until the delinquency, together with interest thereon, is satisfied.
Intr SB 458 §5-10D-14.
§5-10D-14.
Once an employer has begun participating, whether by election or by operation of law, in any public retirement system administered pursuant to this article, it may not terminate its participation without affirmative legislative action.
Enr SB 458 Once an employer has begun participating, whether by election or by operation of law, in any public retirement system administered pursuant to this article, it may not terminate its participation without affirmative legislative action.
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Action History

  1. Chapter 163, Acts, Regular Session, 2023

  2. Approved by Governor 3/23/2023

  3. Approved by Governor 3/23/2023 - House Journal

  4. Approved by Governor 3/23/2023 - Senate Journal

  5. To Governor 3/9/2023 - House Journal

  6. To Governor 3/9/2023

  7. House Message received

  8. Completed legislative action

  9. Communicated to Senate

  10. Passed House (Roll No. 510)

  11. Read 3rd time

  12. On 3rd reading, Special Calendar

  13. Read 2nd time

  14. On 2nd reading, Special Calendar

  15. Read 1st time

  16. On 1st reading, Special Calendar

  17. Do pass

  18. To House Finance

  19. Do pass, but first to Finance

  20. To House Pensions and Retirement

  21. To Pensions and Retirement then Finance

  22. Introduced in House

  23. Ordered to House

  24. Passed Senate (Roll No. 201)

  25. Read 3rd time

  26. On 3rd reading

  27. Read 2nd time

  28. Returned to calendar by Rules Committee

  29. Removed from calendar by Rules Committee

  30. Laid over on 2nd reading 2/13/2023

  31. On 2nd reading

  32. Read 1st time

  33. On 1st reading

  34. 2nd reference dispensed

  35. Reported do pass, but first to Finance

  36. To Pensions

  37. Introduced in Senate

  38. To Pensions then Finance

  39. Filed for introduction

Sponsors

  • Nelson · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 133 not signed on

Sponsors (1)

  • Nelson

Co-sponsors (0)

None.

Not signed on (133)

133 members have not signed on to this bill.

Show all 133 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Passage

Passed 33 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Republican 15001
Unaffiliated 17000
Democrat 1000
Total 33001
% of votes cast 97%0%0%3%
How each member voted (34)
Member Party Vote
MARONEY — Yea
STOVER — Yea
MARTIN — Yea
STUART — Yea
BOLEY — Yea
SWOPE — Yea
CAPUTO — Yea
NELSON — Yea
PHILLIPS — Yea
PLYMALE — Yea
TRUMP — Yea
HAMILTON — Yea
HUNT — Yea
JEFFRIES — Yea
SMITH — Yea
MR PRESIDENT — Yea
KARNES — Yea
Mike Woelfel Democrat Yea
Amy Grady Republican Yea
Ben Queen Republican Yea
Charles H. Clements Republican Yea
Eric Tarr Republican Yea
Jack Woodrum Republican Yea
Jason Barrett Republican Yea
Jay Taylor Republican Yea
Laura Wakim Chapman Republican Yea
Mark R. Maynard Republican Yea
Mike Azinger Republican Yea
Mike Oliverio Republican Yea
Patricia Rucker Republican Not Voting
Rollan A. Roberts Republican Yea
Ryan Weld Republican Yea
Tom Takubo Republican Yea
Vince Deeds Republican Yea

Official roll call →

Subjects

finance
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Frequently asked questions

Who sponsors SB 458?
SB 458 is sponsored by Nelson.
What is the current status of SB 458?
This bill has been enacted into law. Introduced January 24, 2023. Enacted.
Where can I track SB 458?
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Last checked for changes 3 months ago · updated continuously

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