This bill aims to amend the West Virginia Public Employees Insurance Act by reinstating the premium discount for retired firefighters who were hired after 2010. Specifically, it introduces new language stating, "Notwithstanding any provision of this code to the contrary, the finance board shall reinstate the premium rate for retired firefighters hired after 2010." This change is intended to provide financial relief to this group of retired employees, ensuring they receive the same benefits as their counterparts who retired before this date.

In addition to the reinstatement of the discount, the bill outlines the responsibilities of the finance board in managing the Public Employees Insurance Agency's financial plans. It emphasizes the need for actuarial oversight and public input in the financial planning process, ensuring that the plans are fiscally responsible and equitable for all participating employers and employees. The finance board is tasked with preparing annual financial plans, estimating total financial requirements, and conducting public hearings to gather feedback before finalizing these plans.

Statutes affected:
Introduced Version: 5-16-5