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, 2013. 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, neither the court nor the Legislature would be required to make contributions to the fund. The bill also mandates that the Board provide annual actuarial valuations to the Legislature's Joint Committee on Government and Finance and the Joint Committee on Pensions and Retirement, ensuring transparency and oversight of the fund's financial health.

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