West Virginia 2022 Regular Session

West Virginia House Bill HB4683

Introduced
2/15/22  

Caption

Relating to the Deputy Sheriff Retirement System Act

Summary

House Bill 4683 relates to the Deputy Sheriff Retirement System Act in West Virginia. It aims to amend certain sections of the West Virginia Code, specifically by granting the board of the retirement system the authority to set the employer's contribution rate. This bill establishes a maximum employer contribution rate of 13% after the first annual annuity adjustment is paid and ensures an annual annuity adjustment of 1% for eligible deputy sheriff retirants and surviving spouses upon reaching a funded level of at least 105%. The proposed legislation is designed to improve the pension benefits for retired deputy sheriffs and their families, addressing their financial security in retirement. The impact of HB 4683 on state laws includes an adjustment to funding protocols for retirement benefits as well as the responsibilities and authority of the boards overseeing these funds. By allowing the board to set contribution rates, the bill aims to provide more flexibility and responsiveness to the funding needs of the retirement system. The annual adjustment ensures that beneficiaries can receive incremental increases in their annuity, thereby potentially enhancing their financial stability as costs of living rise over time. Sentiment around the bill appears to be generally supportive among lawmakers tied to law enforcement and public safety, who argue that enhancing the retirement benefits for deputy sheriffs is necessary to retain talented individuals within law enforcement. Advocates believe this will help recognize the contributions and sacrifices made by deputy sheriffs throughout their careers. Nevertheless, there's potential contention regarding the funding mechanism and the sustainability of the proposed adjustments, particularly concerning the implications for county budgets and how the contribution limits set forth by the bill may impact local governments. Notable points of contention in discussions surrounding HB 4683 may include the concerns of local government representatives about the affordability of mandatory contributions at the proposed levels, particularly during economic downturns. Some legislators may also raise issues regarding the adequacy of the maximum funding level set forth, questioning whether 105% is sufficient to guarantee long-term viability of benefits under the retirement system. This element will likely spark debate about long-term planning and resource allocation within the total retirement system framework.

Companion Bills

No companion bills found.

Previously Filed As

WV HB2491

Relating to the Deputy Sheriff Retirement System Act

WV HB2085

Relating to the Deputy Sheriff Retirement System Act

WV HB4525

Relating to the Deputy Sheriff Retirement System Act

WV HB2048

Relating to Deputy Sheriff Retirement System

WV HB4341

Raising retirement rate for Deputy Sheriff’s Retirement System

WV HB4611

Raising retirement rate for Deputy Sheriff’s Retirement System

WV HB2568

Raising retirement rate for Deputy Sheriff’s Retirement System

WV SB190

Increasing retirement benefit multiplier of Deputy Sheriff Retirement System Act

WV SB609

Deputy Sheriff Retirement System Act

WV HB5267

Relating to the Deputy Sheriff Retirement System

Similar Bills

CA AB2882

Campaign contributions.

OH HB251

Designate Deputy Sheriff James "Jim" Wert Memorial Highway

OH HB269

Designate Sgt Bradley J. Harper USMC Memorial Highway

OH HB515

Create the Norton Music Boosters license plate

OH SB179

Create Hilliard Davidson Wildcats license plate

OH SB163

Create Dublin City Schools license plate

OH HB483

Create "Save a Warrior" license plate

OH HB533

Create the Iota Phi Theta license plate