This bill amends the Code of West Virginia to address the process for police officers and firefighters who transfer from the Public Employees Retirement System (PERS) to the Municipal Police Officers and Firefighters Retirement System (MPFRS). It establishes that any police officer or firefighter who elects to become a member of the MPFRS must pay a four percent contribution based on their total earnings, along with interest, by June 30, 2027. If they fail to make this payment on time, the bill stipulates that their years of service in the MPFRS will be transferred back to the PERS by December 31, 2027. Additionally, any assets previously transferred to the MPFRS will be returned to the PERS, along with the contributions that would have been made had the member not transferred, plus interest.

The bill also includes provisions for the Consolidated Public Retirement Board to manage the transfer of assets and service credits for those who choose to switch retirement systems. It outlines the calculations necessary for determining the amount of assets to be transferred and the process for notifying both the employees and the retirement boards involved. The intent of the legislation is to ensure that police officers and firefighters who do not comply with the contribution requirements are reverted back to their original retirement system, thereby clarifying the responsibilities and consequences associated with the transfer process.

Statutes affected:
Introduced Version: 8-22A-33a