This bill amends the Deputy Sheriff Retirement System Act in West Virginia by modifying the employer contribution rates and introducing a new section for annual annuity adjustments. Specifically, it allows the board to set the employer contribution rate, with a maximum limit of 13% of the total payroll for members after the first annual annuity adjustment is paid. The bill also establishes that on or after July 1, 2025, the county commission's contributions will be determined as a percentage of the member's total monthly salary, rather than a fixed amount. Additionally, it removes the previous requirement for the county commission's contributions to be actuarially set by the Consolidated Public Retirement Board effective July 1, 2023.

Furthermore, the bill introduces a new section, 7-14D-11a, which provides for an annual annuity adjustment of 1% for eligible deputy sheriff retirants and surviving spouses, contingent upon the plan reaching a funded level of 105% or more in the most recent actuarial valuation. The adjustments will not be retroactive and will begin on July 1 of any year that meets the funding criteria. The bill outlines the eligibility for these adjustments and specifies that they will be paid in equal monthly installments while the retirant or surviving spouse is receiving annuity payments.

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