The bill amends the West Virginia Code to address the transition of police officers and firefighters from the Public Employees Retirement System (PERS) to the Municipal Police Officers and Firefighters Retirement System (MPF) for those hired after July 1, 2015. It allows municipalities to elect to include these employees in the MPF, provided they notify the Consolidated Public Retirement Board and the affected employees within specified timeframes. The bill stipulates that any police officer or firefighter who chooses to transfer must pay a four percent contribution based on their total earnings, along with accrued interest, by June 30, 2027. Failure to make this payment will result in the transfer being reversed, and the employee's service years will revert to PERS.

Additionally, the bill outlines the process for transferring assets and service credits from PERS to MPF, including the calculation of the amount to be transferred based on actuarial valuations. It specifies that the transferring employees will be barred from receiving retirement benefits from PERS once they have transitioned to MPF, unless they obtain new employment that allows them to re-enter PERS without credit for the transferred amounts. The legislation aims to streamline the retirement options for newly hired police officers and firefighters while ensuring that municipalities adhere to the established timelines and procedures for participation in the retirement plan.

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