CHARLESTON, WV (LOOTPRESS) – West Virginia Retirement Plus, the state’s officially sanctioned supplemental retirement program for public employees, has surpassed $300 million in total assets, a continuation of long-term growth that began 14 years ago.
The program checked in at $306 million in assets Dec. 9, with 18,191 participants. In 2006, State Treasurer John Perdue’s office assumed custody with only $68 million in assets spread across 5,022 participants.
By October of 2010, assets had grown to $100 million and by 2016 the plan had cracked the $200 million barrier. In addition to state agencies, there are now 308 other participating entities, which includes, among others, county commissions, school boards, municipalities and public service districts.
“I’m proud of hitting this milestone and the growth of the program,” Treasurer 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.”
Participating organizations’ employees devote a certain amount to invest in an array of mutual funds each pay period. That money typically grows over time, managed by a third-party vendor with little continuing effort on behalf of the investor. Treasurers’ Office employees are on hand to serve as a link between the vendor and the office and to answer standard questions.