The bill amends the West Virginia Code to establish provisions for police officers and firefighters who transfer from the Public Employees Retirement System (PERS) to the Municipal Police Officers and Firefighters Retirement System (MPF) after July 1, 2015. It allows municipalities to elect to include only those police officers and firefighters hired after this date in the MPF, while those hired before will remain in PERS. Municipalities must make this election by July 1, 2025, and must notify affected employees of their decision within 30 days. Additionally, police officers and firefighters who choose to transfer to the MPF must notify their municipality within 90 days of the municipality's election.

The bill also outlines the process for transferring assets and service credits from PERS to the MPF, including the calculation of the amount to be transferred based on actuarial valuations. It mandates that transferring employees pay a four percent contribution to the MPF by June 30, 2027, with provisions for installment payments. If an employee fails to make the required payment, their service years will be transferred back to PERS, and they will be barred from receiving retirement benefits from PERS until they obtain new employment that allows reentry into the system. The bill emphasizes the importance of timely contributions and the implications of transferring between retirement systems.

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