SB 148
Relating to distributions from funds collected from premium tax on certain insurance policies
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill modifies how funds collected from a one percent premium tax on fire and casualty insurance policies are distributed in West Virginia. Specifically, it directs 10 percent of these funds, currently going to the Teachers Retirement System, to be deposited into the Municipal Pensions Security Fund. Additionally, it adjusts the timeline for municipal police and firefighter pension funds to comply with investment requirements before potentially needing to invest with the state Investment Management Board, and addresses historical overpayments to pension and relief funds.
Key provisions
- Directs 10% of premium tax revenue to the Municipal Pensions Security Fund.
- Reduces the timeframe for municipal police and firefighter pension funds to comply with investment requirements.
- Allocates 25% of premium tax revenue to the Fire Protection Fund.
- Allocates 65% of premium tax revenue to the Municipal Pensions and Protection Fund.
- Establishes a process for the Municipal Pensions Oversight Board to review investment performance of pension funds.
- Addresses historical overpayments to pension and relief funds, preventing recovery attempts.
- Specifies that volunteer fire companies and departments receive an equal share of allocated revenues.
- Details a pro-rata allocation of revenues to municipal pension funds based on the number of police and firefighter employees.
Who is affected
- Teachers Retirement System
- Municipal Policemen's and Firemen's Pension and Relief Funds
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