This bill amends the Code of West Virginia by adding a new section, 8-22A-33b, which allows municipalities that employ police officers or firefighters currently participating in the Public Employees Retirement System (PERS) to opt into the Municipal Police Officers and Firefighters Retirement System (MPFRS). The bill stipulates that municipalities can elect to include only those police officers or firefighters hired on or after July 1, 2015, while those hired before this date will remain in the PERS. Municipalities must make their election by July 1, 2027, and once elected, all future hires will automatically be included in the MPFRS. Current members of PERS hired after July 1, 2015, will have the option to transfer to the MPFRS within 90 days of the municipality's decision.

The bill outlines the process for transferring assets and service credits from the PERS to the MPFRS for those who choose to switch. The Consolidated Public Retirement Board is tasked with calculating the necessary asset transfers and ensuring that the transferring employees' service credits are recognized. Additionally, new members of the MPFRS will be required to make a four percent contribution based on their total earnings, with specific provisions for payment timelines and interest. The bill also includes provisions that terminate the liability of the PERS for any employee who transfers to the MPFRS, effectively indemnifying the PERS from future retirement benefits for those individuals.

Statutes affected:
Introduced Version: 8-22A-33b
Committee Substitute: 8-22A-33b