This bill proposes an amendment to the Code of West Virginia, specifically section 8-22-26a, to increase the allowable amount for calculating supplemental pension benefits for municipal police, firefighters, and employees of waterworks and sewage systems. The current law limits the calculation of these benefits to the first $15,000 of the total annual benefit paid, but the bill seeks to raise this limit to $45,000. This change aims to provide a more substantial cost-of-living increase for eligible retirees, ensuring that their supplemental benefits better reflect inflation as measured by the consumer price index.

In addition to the increase in the allowable amount, the bill maintains the existing provisions regarding the calculation of supplemental benefits, including the maximum increase of four percent per year and the conditions under which benefits are payable. The amendment is designed to enhance the financial security of retirees in these professions by allowing for a more significant portion of their pension to be adjusted for cost-of-living increases, thereby improving their overall retirement benefits.

Statutes affected:
Introduced Version: 8-22-26a