The bill amends the West Virginia Municipal Police Officers and Firefighters Retirement System to provide a framework for municipalities to elect participation in the retirement plan for police officers and firefighters hired after July 1, 2015. Municipalities must make this election by July 1, 2025, and once made, all future hires will automatically be included in the plan. Additionally, police officers and firefighters hired after July 1, 2015, who are currently members of the Public Employees Retirement System, can opt to transfer to the new plan within 90 days of the municipality's election. The bill outlines the notification process for both the employees and the Consolidated Public Retirement Board regarding these elections and transfers.

Furthermore, the bill stipulates that any police officer or firefighter who chooses to transfer to the new plan must pay a four percent contribution based on their total earnings, with interest accruing from their initial participation in the Public Employees Retirement System. If they fail to make this payment by June 30, 2027, their service years will be transferred back to the Public Employees Retirement System, along with the assets previously transferred. The bill also includes provisions for the calculation of asset transfers and the responsibilities of the Public Employees Retirement System regarding transferred employees, ensuring that once an employee transfers, they will not be eligible for benefits from the Public Employees Retirement System until they obtain new employment that allows reentry.

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