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Introduced Version House Bill 4654 History

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Key: Green = existing Code. Red = new code to be enacted

FISCAL NOTEWEST virginia legislature

2020 regular session

Introduced

House Bill 4654

By Delegates Skaff, Graves, Byrd, Capito, Rowe, D. Jeffries, Robinson, Nelson, Estep-Burton, Pushkin and Bartlett

[Introduced February 03, 2020; Referred to the Committee on Pensions and Retirement then Finance]

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §5-10-56, relating to establishing a class of employees within the West Virginia Public Employees Retirement System consisting of 911 staff; providing for lower retirement age and increased pension payments.

Be it enacted by the Legislature of West Virginia:


ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.


§5-10-56. Different benefits available to 911 staff in separate class.

(a) There is established July 1, 2020, in the West Virginia Public Employees Retirement System a separate class consisting of staff employed by 911 offices. Eligible employees who are or were previously a member of the Public Employees Retirement system may choose whether to be included in the new class or retain their existing benefit plan.

(b) Normal retirement age for members of the class for staff employed as 911 officers shall be age 50 with age plus years of service equaling 70 or age 60 with years of service equaling 65, or if not working at retirement, age 62 and five years of service. Years of service shall be at least 50 percent actual service as a 911 employee. Retirement benefits for class members shall be 2.5 percent of final average salary calculated using the five highest consecutive plan years of earnings out of the last 10 years of earnings.

(c) The board shall calculate by July 1, 2020, the actuarially appropriate employee and employer contributions required to sustain the increased benefits provided for the class. Current members of the Public Employees Retirement System who have not retired who are eligible for the new classification shall notify the board in writing by July 1, 2020, requesting information on how much the member would need to contribute to the Public Employees Retirement System in order to transfer to the class and receive the enhanced benefits. By August 1, 2020, the board shall inform members wishing to transfer into the new system how much they are required to pay to accomplish transfer. The amount of difference in employee contributions shall be paid to the Public Employees Retirement System by October 1, 2020.

 

NOTE: The purpose of this bill is to provide for enhanced retirement benefits for 911 staff members within the Public Employees Retirement system.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.

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