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. The bill also increases the percentage of funds allocated to the Municipal Pensions Security Fund from 65 percent to 75 percent, while ensuring that 13 and one-third percent of this amount is designated for municipalities that employ specific financing methods. Additionally, the bill clarifies that the Municipal Pensions Oversight Board will oversee the allocation and distribution of these funds.

Furthermore, the bill reduces the time frame in which a municipal policeman's or firefighter's pension and relief fund can be noncompliant with investment provisions before being required to invest with the state Investment Management Board. It mandates that municipalities report their average monthly number of active and retired members to the Municipal Pensions Oversight Board, which will then allocate and authorize the distribution of revenues collected during the previous calendar year. The bill aims to enhance the financial stability of municipal pension funds while ensuring compliance with investment regulations.

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