The bill amends the West Virginia Municipal Police Officers and Firefighters Retirement System to address the transition of police officers and firefighters from the Public Employees Retirement System to the Municipal Police Officers and Firefighters Retirement System. It allows municipalities that employ police officers or firefighters hired after July 1, 2015, to elect to include these employees in the new retirement plan. The municipalities must make this election by July 1, 2025, and once made, all new hires will automatically become members of the plan. Additionally, those hired after July 1, 2015, who are currently in the Public Employees Retirement System can opt to join the new plan within 90 days of the municipality's decision.

The bill also outlines the financial implications of this transition, including the transfer of assets and service credits from the Public Employees Retirement System to the new plan. Police officers and firefighters who choose to join the new plan must pay a four percent contribution by June 30, 2027, with provisions for installment payments. If they fail to make this payment on time, their service years will be transferred back to the Public Employees Retirement System, along with the assets and contributions made to the new plan. The bill ensures that once an employee transfers to the new plan, they will not be eligible for benefits from the Public Employees Retirement System until they obtain new employment that allows reentry into that system.

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