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 enhance the cost-of-living adjustments for eligible retirees, surviving beneficiaries, and disability pensioners, ensuring that their supplemental benefits better reflect increases in the consumer price index.

In addition to the increase in the allowable amount, the bill maintains existing provisions regarding the calculation of supplemental benefits, including the maximum annual increase of four percent and the two-year waiting period for new retirees before they can access these benefits. The bill also stipulates that if the total accumulated percentage increase in benefits falls below 75 percent of the consumer price index increase, the four percent cap on increases will not apply until the benefits reach that threshold. Overall, the bill is designed to provide more substantial financial support to public service employees in their retirement years.

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