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 funding requirement that mandates the division to make a payment of $850,000 to the retirement fund for each plan year from July 1, 2025, through June 30, 2030. This funding is designed to ensure the financial sustainability of the retirement system while supporting the increased benefits for Natural Resources Police Officers. The bill reflects a commitment to improving retirement benefits while maintaining the system's fiscal health through these additional contributions.

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