West Virginia Code 20-18-8 – Members’ contributions; employer contributions
(a) There shall be deducted from the monthly salary of each member and paid into the fund an amount equal to nine and one-half percent of his or her monthly salary.
Terms Used In West Virginia Code 20-18-8
- Active member: means a member who is active and contributing to the plan. See West Virginia Code 20-18-2
- Board: means the Consolidated Public Retirement Board created pursuant to §. See West Virginia Code 20-18-2
- Fund: means the West Virginia Natural Resources Police Officer Retirement Fund created pursuant to §. See West Virginia Code 20-18-2
- Member: means a person first hired as a Natural Resources Police Officer, as defined in subsection (z) of this section, on or after January 2, 2021, or a Natural Resources Police Officer first hired prior to the effective date and who elects to become a member pursuant to §. See West Virginia Code 20-18-2
- Monthly salary: means the portion of a member's gross annual compensation which is paid to him or her per month. See West Virginia Code 20-18-2
- Natural Resources Police Officer: means any person regularly employed in the service of the division as a law-enforcement officer on or after the effective date of this article, and who is eligible to participate in the fund. See West Virginia Code 20-18-2
- retirement: means a member's termination from the employ of a participating public employer and the commencement of an annuity by the plan. See West Virginia Code 20-18-2
(b) An additional 12 percent of the monthly salary of each member shall be paid to the fund by the employer.
(c) If the board finds that the benefits provided by this article can be actuarially funded with a lesser contribution, then the board shall reduce the required member or employer contributions or both. The sums withheld each pay date shall be paid to the fund no later than 15 days following the end of the pay date.
(d) Any active member who has concurrent employment in an additional job or jobs and the additional employment requires the Natural Resources Police Officer to be a member of another retirement system which is administered by the Consolidated Public Retirement Board pursuant to § 5-10D-1 et seq. of this code shall make an additional contribution to the fund of nine and one-half percent of his or her monthly salary earned from any additional employment which requires the Natural Resources Police Officer to be a member of another retirement system which is administered by the Consolidated Public Retirement Board pursuant to § 5-10D-1 et seq. of this code. An additional employer contribution shall be paid to the fund by the concurrent employer for which the member is employed in an amount equal to 12 percent of his or her monthly salary. If the board finds that the benefits provided by this article can be funded with a lesser contribution, then the board shall reduce the required member, or employer contributions or both. The sums withheld each calendar month shall be paid to the fund no later than 15 days following the end of the calendar month.