WV SB716

Municipalities may elect by July 1, 2025 to allow police officers and firefighters hired on or after July 1, 2015 to transfer from the Public Employees Retirement System (PERS) to the Municipal Police Officers and Firefighters Retirement System

Police officers or firefighters who elect to transfer must pay a 4% contribution of their total earnings plus 7.5% interest by June 30, 2027, with installment payments allowed over up to 24 months

Officers who fail to make the required 4% contribution and interest payment by the deadline will have their service credit transferred back to PERS by December 31, 2027, along with previously transferred assets and contribution amounts owed

Once an employee completes a transfer to the Municipal Police Officers and Firefighters Retirement System, they permanently forfeit all rights to benefits from PERS unless they later obtain other employment making them eligible to re-enter PERS

The Consolidated Public Retirement Board will calculate asset transfers using a formula based on the funded percentage of active members' actuarial accrued liabilities, with 7.5% annual interest applied from the calculation date to the transfer date