Increases cost-of-living adjustment for supplemental pension benefits for municipal employees in West Virginia.

This bill amends the Code of West Virginia to raise the cost-of-living increase for supplemental pension benefits from the first $15,000 to the first $45,000 for municipal police, firefighters, and employees of waterworks, sewage systems, or combined waterworks/sewage systems. The supplemental benefit is calculated based on the increase in the consumer price index. The bill also specifies that the benefit will not exceed four percent per year and will not be paid until July 1, in the second year after the earliest service retirement date.

Increases cost-of-living adjustment for supplemental pension benefits for municipal employees in West Virginia.

This bill amends the Code of West Virginia to raise the cost-of-living increase for supplemental pension benefits from the first $15,000 to the first $45,000 for municipal police, firefighters, and employees of waterworks, sewage systems, or combined waterworks/sewage systems. The supplemental benefit is calculated based on the increase in the consumer price index. The bill also specifies that the benefit will not exceed four percent per year and will not be paid until July 1, in the second year after the earliest service retirement date.