SB 141
Increasing WV Natural Resources Police Officer Retirement System accrued benefit for certain members
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill increases the accrued benefit for certain members of the West Virginia Natural Resources Police Officer Retirement System who retire on or after January 1, 2029. Specifically, it raises the accrued benefit percentage from 2.75% to 3.75% based on years of service. The bill also requires additional funding to be provided to the retirement system to cover these increased benefits.
Key provisions
- Increases the accrued benefit percentage for retirees from 2.75% to 3.75% for members retiring on or after January 1, 2029.
- Requires additional funding to be provided to the West Virginia Natural Resources Police Officer Retirement System.
- Defines key terms related to the retirement system, including ‘accrued benefit,’ ‘final average salary,’ and ‘years of service.’
- Specifies the calculation method for determining the accrued benefit.
- Addresses employer and member contribution rates to the retirement fund.
- Establishes a funding requirement for the division to contribute $850,000 annually to the fund.
- Clarifies the definition of ‘active military duty’ within the context of the retirement system.
- Modifies the calculation of ‘final average salary’ for members receiving disability benefits.
Who is affected
- West Virginia Natural Resources Police Officers
- Members of the West Virginia Natural Resources Police Officer Retirement System
- The West Virginia Division of Natural Resources
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