HB 5331
To provide special consideration for municipalities to be allowed to join NPFRS for their paid firefighters
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to allow West Virginia municipalities to join the Municipal Police Officers & Firefighters Retirement System (MPFRS) for their paid firefighters. It provides special consideration for municipalities that haven't previously established their own pension funds. The bill outlines specific procedures and timelines for municipalities to make this election, including asset transfers and contribution requirements. It also addresses scenarios involving employees who choose to join the MPFRS after being part of the Public Employees Retirement System.
Key provisions
- Allows municipalities to join the MPFRS for their paid firefighters.
- Establishes a process for transferring assets and service credit from the Public Employees Retirement System to the MPFRS for eligible firefighters.
- Requires a four percent contribution from firefighters electing to join the MPFRS.
- Sets deadlines for municipalities to make their election to join the MPFRS.
- Addresses scenarios where firefighters transfer from the Public Employees Retirement System to the MPFRS.
- Specifies requirements for interest calculations and installment payments.
- Outlines a process for returning assets to the Public Employees Retirement System if a firefighter does not timely pay the required contribution.
- Provides for a phased approach to asset transfer, considering actuarial valuations and funded percentages.
Who is affected
- Municipalities in West Virginia
- Paid firefighters in West Virginia municipalities
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