NOTE: West Virginia Code 16-5V-2 was amended by two bills passed during the 2022 Regular Session of the Legislature. When two acts of the Legislature amend the same section of the Code without express recognition in the bill of the action of the other bill, the Legislative Manager makes no determination as to the appropriate, legal effect of the two acts. Therefore, BOTH versions of this section are set out below.
The latter act, House Bill 4688 (passed on March 12, 2022), amended West Virginia Code 16-5V-2 to read as follows:
As used in this article, unless a federal law or regulation or the context clearly requires a different meaning:
(a) “Accrued benefit” means on behalf of any member two and six 10ths percent per year of the members final average salary for the first 20 years of credited service. Additionally, two percent per year for 21 through 25 years and one and one-half percent per year for each year over 25 years will be credited with a maximum benefit of 67 percent. A members accrued benefit may not exceed the limits of section 415 of the Internal Revenue Code and is subject to the provisions of 16-5V-12 of this code.
(1) The board may, upon the recommendation of the boards actuary, increase the employees contribution rate to 10 and five-tenths percent should the funding of the plan not reach 70 percent funded by July 1, 2012. The board shall decrease the contribution rate to eight and one-half percent once the plan funding reaches the 70 percent support objective as of any later actuarial valuation date.