The bill amends the Code of West Virginia regarding the retirement system for judges of courts of record, specifically focusing on the required employee contributions to the Judges' Retirement Fund. It establishes that judges will contribute 7 percent of their salary to the fund, effective July 1, 2025. This marks a change from previous contribution rates, which varied over the years, including a rate of 10.5 percent as recently as July 1, 2005. The bill also clarifies that any prior practices allowing for the discontinuation of required contributions before actual retirement are nullified, ensuring that contributions are consistently required.

Additionally, the bill introduces provisions for the suspension of employer contributions under certain circumstances, specifically when the funding level of the Judges' Retirement Fund exceeds 125%. In such cases, the Board is required to provide an annual actuarial valuation to the Legislature's Joint Committee on Government and Finance and the Joint Committee on Pensions and Retirement. The bill also includes language regarding the treatment of leased employees and the handling of military service credit, ensuring compliance with federal regulations. Overall, the amendments aim to standardize contributions and enhance the financial stability of the retirement system for judges.

Statutes affected:
Originating in Committee: 51-9-4
Engrossed Version: 51-9-4