The bill amends the Code of West Virginia regarding the retirement system for judges of courts of record, specifically focusing on the required 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 mandatory until retirement.

Additionally, the bill introduces provisions for the Board to provide annual actuarial valuations to the Legislature's Joint Committee on Government and Finance and the Joint Committee on Pensions and Retirement. It stipulates that if the funding level of the Judges' Retirement Fund exceeds 125%, neither the court nor the Legislature will be required to make contributions to the fund. The bill also includes definitions and clarifications regarding leased employees and military service credit, ensuring that judges who qualify for military service can do so without additional payment to the fund.

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