West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-01 - General Provisions › Section 162-1-5 - General Administrative

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. Fiscal
				year. The fiscal year of the Board commences on the 1 st day of July and ends
				on the 30th day of June the following year.
5.2. Books, records and minutes. The records
				of the Board are covered by the laws of the State of West Virginia and are
				subject to any applicable privilege and/or limitation under the Freedom of
				Information Act (W. Va. Code §29B-1 -1). The Board shall keep all final
				actions of the Board in the form of minutes, and the minutes shall be open for
				inspection by the public at all reasonable times.
5.3. Contracts. All contracts and obligations
				of the Board shall be signed by the chairman or other officers or employees of
				the Board authorized to execute contracts or other obligations of the
				Board.
5.4. Indemnification. The
				Board shall, to the fullest extent allowed by law, indemnify and reimburse its
				present and future members, officers, employees or agents against loss for all
				expenses, including without limitation attorney fees, judgments, fines, taxes
				and penalties and interest thereon, for their official acts as Board members,
				officers, employees or agents. If the Board determines that a settlement of any
				action, suit or proceeding is in the best interest of the Board, all amounts
				paid in effecting the settlement, other than amounts paid by the Board itself,
				reasonably incurred by a member, officer, employee or agent in connection with
				or arising out of any action, suit or proceeding in which he or she may be
				involved by reason of his or her being or having been a member, officer,
				employee or agent of the Board shall be paid by the Board. Provided, that the
				indemnity shall not include any expenses incurred by any member, officer,
				employee or agent with respect to matters as to which he or she is finally
				adjudged in any action, suit or proceeding to have been guilty of or liable for
				gross negligence, willful misconduct or criminal acts in the performance of his
				or her duties of the Board. The right of indemnification provided in this
				subsection inures to the benefit of the heirs, executors or administrators of
				each member, officer, employee or agent and is in addition to all other rights
				to which the member, officer, employee or agent may be entitled as a matter of
				law.
5.5. Insurance. To the extent
				possible, the Board shall obtain necessary liability insurance coverage from
				the West Virginia Board of Risk and Insurance Management to cover itself, its
				members, officers, employees and agents in the performance of their duties as
				trustees for the Retirement Systems set forth in this rule.
5.6. Conflict of interest. The Board shall
				maintain constant vigilance against conflicts of interest, or the mere
				appearance of conflicts of interest. No officers, member, agent or employee of
				the Board shall be financially interested, directly or indirectly, in any
				contract with the Board, or in the sale of any property, real or personal, to
				or from the Board. Provided, that this section shall not apply to contracts or
				purchases of property, either real or personal, commodities or services between
				the Board and any governmental agency.