This bill proposes amendments to the West Virginia Natural Resources Police Officer Retirement System, specifically enhancing the accrued benefits for members who retire on or after January 1, 2029. The accrued benefit will increase from two and one-half percent to two and three-fourths percent of a member's final average salary multiplied by their years of credited service. This adjustment aims to provide future retirees with improved financial support upon retirement. Additionally, the bill outlines funding mechanisms, requiring a deduction of nine and one-half percent from each member's monthly salary to be paid into the retirement fund, with the possibility of an additional percentage determined annually by the board based on actuarial reviews.

Furthermore, the bill introduces a significant requirement for the division to make an annual payment of $850,000 to the retirement fund for each plan year from July 1, 2026, to June 30, 2031, in addition to existing contributions. It also mandates that active members with concurrent employment contributing to another retirement system must pay an additional nine and one-half percent of their monthly salary from that employment. The board is granted the authority to adjust contributions if it finds that the benefits can be funded with lesser amounts, ensuring the sustainability and adequacy of the retirement system for Natural Resources Police Officers in West Virginia.

Statutes affected:
Introduced Version: 20-18-2, 20-18-8