This bill amends the Code of West Virginia to modify the distribution of funds collected from a premium tax on fire insurance and casualty insurance policies. Specifically, it reallocates 10 percent of the funds that were previously directed to the Teachers Retirement System to the Municipal Pensions Security Fund, which will be distributed by the Municipal Pensions Oversight Board under certain conditions. Additionally, the bill increases the percentage of funds allocated to the Municipal Pensions Security Fund from 65 percent to 75 percent and specifies that 13 and one-third percent of this amount is designated for municipalities that employ certain financing methods by a specified deadline.

Furthermore, the bill reduces the time frame in which municipal policemen's or firemen's pension and relief funds can be noncompliant with investment provisions before being required to invest with the state Investment Management Board to continue receiving funds. It also establishes reporting requirements for municipalities regarding their pension funds and outlines the allocation and distribution processes for the collected revenues. The bill aims to ensure better funding and compliance for municipal pension systems while addressing past miscalculations in fund allocations.

Statutes affected:
Introduced Version: 33-3-14d