CHARLESTON, WV (WOWK) -West Virginia Retirement Plus has surpassed $300 million in total assets. According to West Virginia State Treasurer John Perdue’s office, this is a continuation of the long-term growth that began 14 years ago.
Perdue says the program, which is the state’s officially sanctioned supplemental retirement program for public employees, reported $306 million in assets Dec. 9 with 18,191 participants. When the state treasurer’s office took custody of the program in 2006, they say it had $68 million in assets and 5,022 participants.
A decade ago in Oct. 2010, the program’s assets had grown to $100 million and surpassed $200 in 2016. Perdue’s office says 308 other entities such as county commissions, school boards, municipalities and public service districts now participate in addition to state agencies.
“I’m proud of hitting this milestone and the growth of the program,” Perdue said. “I hope it will be viewed as a legacy of my administration. Nearly 20,000 people have seen their retirements grow more robust. We’ve worked very hard to grow those numbers. They didn’t happen by mistake.”
According to Perdue’s office, during each pay period the participating organizations’ employees devote a certain amount to invest in an array of mutual funds. That money, which typically grows over time, is managed by a third-party vendor with little continuing effort on behalf of the investor, he says. Employees from the treasurer’s office serve as a link between the vendor and the office and answer standard questions.