The bill seeks to amend the West Virginia Natural Resources Police Officer Retirement System by increasing the accrued benefit for members who retire on or after January 1, 2028. Under the new provisions, these members will receive an accrued benefit of two and three-fourths percent of their final average salary multiplied by their years of credited service, an increase from the previous rate of two and one-half percent for those retiring after July 1, 2025. This adjustment aims to provide enhanced financial support for retiring officers.

In addition to the benefit increase, the bill introduces a new funding mechanism to ensure the sustainability of the retirement system. Starting from the plan year beginning July 1, 2025, the division will be mandated to contribute $850,000 annually to the fund through June 30, 2030, supplementing existing employer contribution requirements. This funding strategy is designed to support the enhanced retirement benefits and ensure the long-term viability of the system for its members.

Statutes affected:
Introduced Version: 20-18-2, 20-18-8
Committee Substitute: 20-18-2, 20-18-8