HB 2547
Raise cost of living threshold for retired municipal police officers
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to increase the cost-of-living threshold for supplemental pension benefits received by retired municipal police officers, firefighters, and employees of certain water and sewage systems in West Virginia. Currently, these benefits are calculated based on an increase of up to four percent annually, but only on the first $15,000 of the total annual benefit. The bill would raise this threshold to $45,000, meaning the supplemental benefit would be calculated on a larger portion of the retiree’s pension. It also includes provisions related to disability pensions and actuarial reviews of pension funds.
Key provisions
- Increases the cost-of-living threshold for supplemental pension benefits from $15,000 to $45,000.
- Allows supplemental benefits to be calculated on a larger portion of the total annual benefit.
- Maintains the four percent annual cost-of-living increase limit.
- Includes provisions for disability pension adjustments.
- Requires annual actuarial reviews of pension funds to ensure financial soundness.
- Specifies a potential increase in member contributions if needed to maintain fund solvency.
Who is affected
- Retired municipal police officers
- Firefighters
- Employees of waterworks systems
- Employees of sewage systems
- Employees of combined waterworks and sewage systems
Notable changes
- Raises the cost-of-living threshold for supplemental pension benefits.
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