(A) A Police Officer’s Pension and Relief Fund is hereby established, pursuant to the authority of W.Va. Code § 8-22-16, for the purposes enumerated in W.Va. Code Ch. 8, Art. 22. Such Fund shall consist of any gift, grant, devise or bequest of any money or real or personal property, upon such terms as to the investment and expenditure thereof as may be fixed by the grantor thereof or determined by the Board of Trustees of the Fund, plus other funds, assessments, fees and levies as provided in W.Va. Code §§ 8-22-19 and 8-22-20.
(B) Such fund shall be administered as provided by the West Virginia Code.
(C) (1) The existing pension plan for police officers employed by the city is hereby closed to new entrants, in accordance with the authority provided in W.Va. Code § 8-22-16(e).
(2) The city shall utilize the optional method of financing the unfunded actuarial accrued liability of the existing Police Officer’s Pension and Relied Fund as provided in W.Va Code § 8-22-20(e).
(3) Newly hired police officers shall be enrolled in a retirement plan created in W.Va. Code Ch. 8, Art. 22A and approved and administered by the State Consolidated Public Retirement Board.
(4) All current active members, retirees and other beneficiaries covered by the existing Police Officer’s Pension and Relief Fund shall remain covered by that plan and shall be paid all benefits of that plan in accordance with applicable provisions of the West Virginia Code.
(1991 Code, § 14-5) (Ord. 192, passed 3-19-2015)
Cross-reference:
Federal Social Security benefit, see § 30.03
Participation of city in state employees’ retirement system, see § 30.04
Statutory reference:
Duty of Council to levy annual tax for fund, see W.Va. Code § 8-22-19
Municipal police officer’s pension and relief funds, see W.Va. Code §§ 8-22-16 to 8-22-28