Bill > HB3506

This bill amends the West Virginia Code to modify the contribution requirements for judges' retirement system. Currently, judges contribute a varying percentage of their salary to the Judges' Retirement Fund, which has changed over time from 6% to 10.5%. The bill sets the employee contribution at 7% of salary, effective July 1, 2013, with a provision for the contribution rate to remain at 7% on and after July 1, 2025. The bill also introduces a significant new provision that allows the Board to suspend employer contributions when the funding level of the Judges' Retirement Fund exceeds 125%, which is determined by dividing the fund's assets by the sum of its assets and unfunded accrued liability. Additionally, the bill maintains existing provisions related to military service credit and prosecutorial service credit, and continues to require the State Auditor to deduct the specified contribution percentage from judges' salary checks. The bill aims to provide more stability and flexibility in the funding of the judges' retirement system while maintaining a consistent contribution rate for judges.

Budget and Finance, Labor and Employment

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=3506&year=2025&sessiontype=RS&btype=bill