SB 930
Raising cost of living increase for certain municipal employees
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to increase the cost-of-living adjustment for supplemental pension benefits received by certain municipal employees, including police officers, firefighters, and workers in water and sewage systems. Specifically, it raises the base amount used to calculate the adjustment from $15,000 to $45,000. The adjustment will be tied to the Consumer Price Index, with a maximum increase of four percent per year, subject to certain limitations and conditions.
Key provisions
- Increases the base amount for cost-of-living adjustments from $15,000 to $45,000 for supplemental pension benefits.
- The cost-of-living adjustment is tied to the Consumer Price Index.
- The maximum annual adjustment is capped at four percent.
- Certain retirees who retired before the effective date of the bill will receive the increased benefit immediately.
- A two-year waiting period applies to eligibility for the supplemental benefit.
- The bill includes provisions for reviewing municipal pension funds and adjusting contribution rates if necessary to maintain actuarial soundness.
- Supplemental benefits paid during periods of non-entitlement may be withheld.
- The bill addresses adjustments for disability pensioners and those who were unemployed in the preceding year.
Who is affected
- Municipal Police Officers
- Firefighters
- Employees of Waterworks Systems
- Employees of Sewage Systems
- Combined Waterworks and Sewage Systems Employees
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