The bill amends the West Virginia Natural Resources Police Officer Retirement System by increasing the accrued benefits for members who retire after July 1, 2026. Specifically, it establishes that these members will receive an accrued benefit of two and three-fourths percent of their final average salary multiplied by their years of credited service, which is an increase from the previous two and one-half percent for those retiring after July 1, 2025. This enhancement aims to improve the retirement benefits for future retirees within the system.

To support the increased benefits, the bill mandates a one-time payment of $4,250,000 to the retirement fund by the division, to be made no later than July 31 of the specified year. It also maintains the requirement for members to contribute nine and one-half percent of their monthly salary while allowing the board to adjust employer contributions based on actuarial reviews. Furthermore, the bill permits the board to modify required contributions if it determines that the benefits can be adequately funded with lesser amounts, ensuring the financial stability of the retirement system while enhancing benefits for future retirees.

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