The bill proposes amendments to the West Virginia Natural Resources Police Officer Retirement System, specifically 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.

To support this enhancement in retirement benefits, the bill introduces a new funding mechanism requiring the division to make an annual payment of $850,000 to the retirement fund for five consecutive years, starting from the plan year beginning July 1, 2025, and concluding with the plan year ending June 30, 2030. This funding is designed to ensure the sustainability of the increased benefits for future retirees, ultimately aiming to provide better financial security for police officers in West Virginia's natural resources sector.

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