HB 5326
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 in West Virginia. Currently, these benefits are tied to an increase based on the Consumer Price Index (CPI) up to a maximum of four percent per year, but only on the first $15,000 of the annual benefit. The bill would raise this threshold to $30,000, meaning the CPI increase would apply to a larger portion of the pension payment. It also includes provisions for disability pensioners and those retiring before the effective date of the change.
Key provisions
- Increases the cost-of-living threshold for supplemental pension benefits from $15,000 to $30,000.
- The supplemental pension benefit will be calculated on the first $30,000 of the total annual benefit.
- The annual increase in the supplemental benefit will be tied to the Consumer Price Index (CPI).
- A four percent annual increase limit applies to the supplemental benefit.
- Provides for supplemental benefits for disability pensioners.
- Addresses supplemental benefits for retirees who retired before the effective date of the bill.
- Includes a review and actuarial assessment of pension funds to ensure financial soundness.
- Allows for an increase in member contributions if necessary to maintain fund solvency.
Who is affected
- Retired municipal police officers in West Virginia
- Surviving beneficiaries of retired police officers
- Disability pensioners of municipal police officers
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