West Virginia § 20-18-8 - 20-18-8. Members’ contributions; employer contributions.

§ 20-18-8. 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.

(b) An amount equal to an additional percentage of the monthly salary of each member shall be paid to the fund by the employer as annually reviewed and actuarially set by the board. (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 determined by the board. 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.

(e) Beginning the plan year commencing July 1, 2026, the division shall make a one-time payment of $4,250,000 to the fund, in addition to the contribution requirement in subsection (b) above, the payment shall be made no later than July 31 st of that year. If the board finds that an amount lower than the one-time payment will achieve 100% or greater funding in the plan year, the board may reduce the payment amount and notify the division accordingly.