SB 716
Relating to failure to pay required contributions and interest payments for certain retirees who transfer between retirement systems
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill addresses the situation where police officers or firefighters in West Virginia transfer from the Public Employees Retirement System to the Municipal Police Officers and Firefighters Retirement System. It establishes a process for transferring assets and service credit earned after July 1, 2015, and outlines requirements for municipalities to make this transfer election. Specifically, it mandates a four percent contribution from transferring employees, with potential penalties for non-payment, and details how assets will be calculated and transferred between the two retirement systems.
Key provisions
- Municipalities can elect to include police/firefighters hired on or after July 1, 2015, in the Municipal Police Officers and Firefighters Retirement System.
- Police/firefighters hired before 2015 remain in the Public Employees Retirement System.
- A four percent contribution is required from transferring employees, with penalties for non-payment.
- Assets and service credit are transferred from the Public Employees Retirement System to the Municipal system based on actuarial calculations.
- Municipalities must notify the Consolidated Public Retirement Board of their election and transferring employees.
- Transferring employees must notify the municipality of their decision to join the new plan within 90 days.
- Failure to pay the four percent contribution can result in loss of service credit and return of assets.
- The transfer is permanent, barring the employee from receiving further benefits from the Public Employees Retirement System.
Who is affected
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