This bill proposes an amendment to the Code of West Virginia, specifically section 8-22-26a, to increase the threshold for calculating cost-of-living increases for supplemental pension benefits for municipal police, firefighters, and employees of waterworks and sewage systems. The current law calculates these benefits based on the first $15,000 of the total annual benefit paid, but the bill seeks to raise this amount to the first $30,000. This change aims to provide greater financial support to retirees and beneficiaries by allowing a larger portion of their pension to be subject to cost-of-living adjustments.

In addition to the increase in the allowable amount for calculating supplemental benefits, the bill maintains existing provisions regarding the calculation of these benefits based on the consumer price index, the maximum percentage increase per year, and the eligibility criteria for retirees and disability pensioners. The proposed changes are designed to ensure that the supplemental benefits keep pace with inflation and provide adequate support to those who have served in municipal roles. The bill emphasizes the importance of actuarial soundness for pension funds and outlines the process for determining the appropriate increases in benefits based on actuarial evaluations.

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