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, surviving beneficiaries, and disability pensioners.

In addition to the increase in the allowable amount, the bill maintains the existing provisions regarding the calculation of supplemental benefits based on the consumer price index, with a cap of four percent per year. It also preserves the two-year waiting period for new retirees before they can access these supplemental benefits, while allowing those who retired before the effective date of this amendment to receive benefits immediately. Overall, the bill is designed to enhance the financial support for public service employees in their retirement years.

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