This bill amends the Deputy Sheriff Retirement System Act in West Virginia by introducing a new section, 7-14D-11a, which provides for an annual annuity adjustment of one percent for eligible deputy sheriff retirants and their surviving spouses. The adjustments will only be applicable when the plan's actuarial accrued liability reaches a funded level of 105 percent or more, as determined by the most recent actuarial valuation. The bill also allows the board to set the employer contribution rate, with a maximum limit of 13 percent of the total payroll for county commission contributions after the first annual annuity adjustment is paid.

Additionally, the bill modifies existing provisions regarding member and employer contributions. It removes the requirement for the county commission's contributions to be set actuarially by the Consolidated Public Retirement Board effective July 1, 2023, and instead establishes that, starting July 1, 2025, the contributions will be a percentage of the member's total monthly salary as determined by the board. Similar changes are made for concurrent employers, aligning their contributions with those of the county commission. Overall, the bill aims to enhance the retirement benefits for deputy sheriffs while providing flexibility in contribution rates.

Statutes affected:
Introduced Version: 7-14D-7, 7-14D-11a