(A) The existing pension plans for police officers and firefighters employed by the city are hereby closed to new entrants, in accordance with the authority provided in W. Va. Code 8-22-16(e).
(B) The city’s optional method of financing the unfunded actuarial accrued liability of the existing Police Officers’s or Firefighter’s Pension and Relief Fund as provided in W. Va. Code 8-22-20(e).
(C) Newly hired police officers or firefighters shall be enrolled in a retirement plan created in W. Va. Code Ch. 8, Art. 22A and approved and administered by the state’s Consolidated Public Retirement Board.
(D) All current active members, retirees, and other beneficiaries covered by the existing Police Officer’s or Firefighter’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 state code.
(Ord. passed 1-5-2015)