SB 934
Modifying accrued benefit of members of WV Natural Resources Police Officer Retirement System
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill modifies the accrued benefit for members of the West Virginia Natural Resources Police Officer Retirement System who retire after July 1, 2026. Specifically, it reduces the accrued benefit from 2.75% to 2.333% of their final average salary multiplied by their years of service. The bill also mandates an additional one-time payment of $4,250,000 to the retirement fund to ensure adequate funding for these changes.
Key provisions
- Reduces the accrued benefit for retirees after July 1, 2026, from 2.75% to 2.333% of final average salary.
- Requires a one-time payment of $4,250,000 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, considering factors like disability service and active military duty.
- Establishes a contribution rate of nine and one-half percent of member salaries.
- Addresses employer contributions to the fund, subject to actuarial review and potential adjustments.
- Clarifies the definition of ‘Natural Resources Police Officer’.
Who is affected
- West Virginia Natural Resources Police Officers
- Members of the West Virginia Natural Resources Police Officer Retirement System
- The West Virginia Consolidated Public Retirement Board
- State of West Virginia
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours