Bill > SB978

This bill allows certain municipalities in West Virginia to join the Municipal Police Officers and Firefighters Retirement System, a retirement plan specifically for police and fire personnel. Currently, some municipalities have their police and firefighters enrolled in the Public Employees Retirement System (PERS), a broader retirement plan for state and local government employees. This bill provides a pathway for these municipalities to switch to the Municipal Police Officers and Firefighters Retirement System, but only for those police officers and firefighters hired on or after July 1, 2015. Those hired before that date will remain in PERS. Municipalities have until July 1, 2027, to make this election. If a municipality decides to switch, police officers and firefighters hired after the election date will automatically be part of the new system. Importantly, those hired on or after July 1, 2015, who are already in PERS, will have the option to join the Municipal Police Officers and Firefighters Retirement System within 90 days of the municipality's decision, provided they notify their employer and the Consolidated Public Retirement Board, which oversees both systems. The bill outlines a detailed process for transferring assets and service credit from PERS to the new system, including complex actuarial computations to determine the value of transferred assets and a requirement for new participants to make a makeup contribution of four percent of their earnings, plus interest, by June 30, 2029, with options for installment payments. Failure to make this contribution will result in the employee's service being transferred back to PERS, and all previously transferred assets will be returned to PERS. Once an employee transfers, PERS will no longer have any liability for their retirement benefits.

Budget and Finance, Labor and Employment

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=978&year=2026&sessiontype=RS&btype=bill