West Virginia HB4803 amends the Deputy Sheriff Retirement System Act to allow the board to set employer contribution rates and establish an annual.

West Virginia HB4803 amends the Deputy Sheriff Retirement System Act by allowing the board to set the employer contribution rate. It sets a maximum employer contribution rate of 13% after the first annual annuity adjustment is paid. The bill provides an annual retirement annuity adjustment of 1% for eligible deputy sheriff retirants and surviving spouses when the plan has reached a funded level of 105 percent. The adjustments are not retroactive and begin on July 1 of each year if the plan meets the funding requirement. The adjustments supplement the retirement awards and benefits.

West Virginia HB4803 amends the Deputy Sheriff Retirement System Act to allow the board to set employer contribution rates and establish an annual.

West Virginia HB4803 amends the Deputy Sheriff Retirement System Act by allowing the board to set the employer contribution rate. It sets a maximum employer contribution rate of 13% after the first annual annuity adjustment is paid. The bill provides an annual retirement annuity adjustment of 1% for eligible deputy sheriff retirants and surviving spouses when the plan has reached a funded level of 105 percent. The adjustments are not retroactive and begin on July 1 of each year if the plan meets the funding requirement. The adjustments supplement the retirement awards and benefits.