The bill amends the West Virginia Natural Resources Police Officer Retirement System by adjusting the retirement benefits for members based on their retirement dates. Members retiring after July 1, 2025, will receive an accrued benefit of two and one-half percent of their final average salary multiplied by their years of credited service, while those retiring after July 1, 2029, will benefit from an increased rate of two and three-fourths percent. This modification aims to enhance the retirement benefits for future retirees within the system.

In addition to the changes in benefits, the bill introduces new funding mechanisms for the retirement system. It mandates a deduction of nine and one-half percent from each member's monthly salary to be contributed to the retirement fund. The bill also allows for an additional employer contribution, determined annually by the board based on actuarial reviews, to ensure the system remains adequately funded. Furthermore, starting from July 1, 2026, the division is required to make a one-time payment of $4,250,000 to the fund, with the possibility of a reduction if deemed sufficient by the board. Contributions must be submitted to the fund within 15 days after the end of each month.

Statutes affected:
Introduced Version: 20-18-2, 20-18-8
Committee Substitute: 20-18-2, 20-18-8
Engrossed Committee Substitute: 20-18-2, 20-18-8
Enrolled Committee Substitute: 20-18-2, 20-18-8