SB 132
Increasing retirement benefit multiplier of Deputy Sheriff Retirement System Act
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to increase the retirement benefit multiplier for Deputy Sheriffs in the West Virginia Deputy Sheriff Retirement System. Currently, the multiplier is 2.5%, but this bill would raise it to 3%. This increase would apply to the amount retirees receive based on their final average salary and years of credited service. The bill specifically amends the West Virginia Code to reflect this change.
Key provisions
- Increases the retirement benefit multiplier from 2.5% to 3% of final average salary.
- Applies to members of the Deputy Sheriff Retirement System.
- Modifies Section 7-14D-2 of the West Virginia Code to reflect the change.
- The increase is based on the member’s final average salary multiplied by their years of credited service.
Who is affected
- Deputy Sheriffs in West Virginia
- The West Virginia Deputy Sheriff Retirement System
- County Commissions
- Retirees under the Deputy Sheriff Retirement System
Notable changes
- Increases the retirement multiplier for Deputy Sheriffs.
- Updates the calculation of accrued benefits.
- Reflects the change in the West Virginia Code.
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