Bill Text: WV SB532 | 2020 | Regular Session | Comm Sub
Bill Title: Distributing assets remaining in municipal policemen's or firemen's pension and relief fund on death of last retiree or beneficiary
Spectrum: Bipartisan Bill
Status: (Passed) 2020-04-14 - Chapter 69, Acts, Regular Session, 2020 [SB532 Detail]
Download: West_Virginia-2020-SB532-Comm_Sub.html
WEST virginia legislature
2020 regular session
Committee Substitute
for
Senate Bill 532
Senators Azinger, Hamilton, Ihlenfeld, Plymale, Tarr, Jeffries, Stollings, and Romano, original sponsors
[Originating in the Committee on Pensions; reported on January 23, 2020]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §8-22-28a, relating to the distribution of the assets remaining in a municipal policemen’s or firemen’s pension and relief fund upon the death of the last remaining retiree or beneficiary receiving benefits under the fund.
Be it enacted by the Legislature of West Virginia:
ARTICLE 22. RETIREMENT BENEFITS GENERALLY; POLICEMEN'S PENSION AND RELIEF FUND; FIREMEN'S PENSION AND RELIEF FUND; PENSION PLANS FOR EMPLOYEES OF WATERWORKS SYSTEM, SEWERAGE SYSTEM, OR COMBINED WATERWORKS AND SEWERAGE SYSTEM.
§8-22-28a. Distribution of remaining assets in a closed municipal policemen’s or firemen’s pension and relief fund.
(a)(1) Upon the death of the last remaining retiree or beneficiary receiving benefits under a policemen’s pension and relief fund or a firemen’s pension and relief fund, the assets remaining in the fund, if any, shall be transferred to the municipality to be used solely by the municipality’s governing body to fund future retirement obligations for the municipality’s police or fire department members who are in the Municipal Police Officers and Firefighters Retirement System established under §8-22A-1 et seq. of this code, subject to subdivision (2) of this subsection.
(2) If within five years prior to the death of the last remaining retiree or beneficiary the Municipal Pensions Oversight Board provided any state aid to the fund pursuant to §33-3-14d(b)(2) of this code, an amount equal to the aggregate amount of state aid provided to the fund during that period shall be repaid from the assets of the fund to the Municipal Pensions Oversight Board prior to the municipality’s use of the remaining assets for the purposes described in subdivision (1) of this subsection. If the amount to be repaid is greater than the total assets of the fund, then the entire amount of the fund shall be repaid to the Municipal Pensions Oversight Board.
(b) The Municipal Pensions Oversight Board shall deposit any repaid amounts into the Municipal Pensions Security Fund for reallocation to municipal policemen’s or firemen’s pension and relief funds with an actuarial deficiency during the next allocation cycle pursuant to §33-3-14d(b)(2) of this code.
NOTE: This bill is recommended for passage during the 2020 Regular Session by the Joint Standing Committee on Pensions and Retirement.
The purpose of this bill is to provide for the distribution of the assets remaining in a municipal policemen’s or firemen’s pension and relief fund upon the death of the last remaining retiree or beneficiary receiving benefits under the fund.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
