This bill proposes amendments to the West Virginia Natural Resources Police Officer Retirement System, specifically enhancing the retirement benefits for members who retire after July 1, 2026. The accrued benefit for these members will increase to two and three-fourths percent of their final average salary multiplied by their years of credited service, up from the previous two and one-half percent for those retiring after July 1, 2025. This change is designed to improve the retirement benefits for future retirees within the system.

To support these enhanced benefits, the bill introduces a requirement for a one-time payment of $4,250,000 to the retirement fund by July 31 of the plan year commencing July 1, 2026. Additionally, it allows the board to adjust required contributions from members or employers if it determines that benefits can be funded with a lesser contribution. The bill also maintains the current law's requirement that contributions withheld each month must be paid to the fund within 15 days following the end of the calendar month, ensuring timely funding for the retirement system. Overall, this legislation aims to secure the financial stability of the retirement system while providing improved benefits for future retirees.

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