Reallocating portion of fire insurance and casualty premium tax to Municipal Pensions Security Fund in certain circumstances

SB 878 reallocates 10% of funds collected from West Virginia's fire and casualty insurance premium tax - previously directed to the Teachers Retirement System - to the Municipal Pensions Security Fund. This requires 13.33% of those redirected funds to specifically support municipalities using Optional I or II pension funding methods by December 31, 2027. Municipalities must report annual data on active and retired pension members to the State Treasurer by August 1, enabling the Municipal Pensions Oversight Board to distribute funds. The bill directly affects municipal pension funds, particularly those managing police and firefighter retirement systems, by altering how insurance tax revenue is allocated.