(A) A Firemen’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 gifts, grants, devises and bequests of money and real and personal property, upon such terms as to the investment and expenditure thereof as may be fixed by the grantors thereof or determined by the Board of Trustees of the Fund, plus other funds, assessments and levies, as provided in W.Va. Code § 8-22-19.
(B) (1) The existing pension plan for firefighters employed by the city, as established, 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 Firemen’s Pension and Relied Fund as provided in W.Va. Code § 8-22-20(e).
(3) Newly hired firefighters 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 member, retirees and other beneficiaries covered by the existing Firemen’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, § 8-22) (Ord. passed 5-7-1953; Ord. 191, passed 3-19-2015)
Cross-reference:
Federal Social Security benefit, see § 30.03
Participation of city in state employment employees’ retirement system, see § 30.04
Editor’s note:
This subchapter was enacted in 1953 pursuant to authority of the then W.Va. Code Ch. 8, Art. 6; and all references herein to the West Virginia Code have been revised so as to refer to the West Virginia Code as in effect upon the cut-off date of this city code.
Statutory reference:
Duty of Council to levy annual tax for fund, see W.Va. Code § 8-22-19
State law relating to municipal firemen’s pension and relief funds, see W.Va. Code §§ 8-22-16 to 8-22-28