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Expansion of military service credits for public workers' pensions to cost W.Va. $197m
Reported by: Associated Press
Thursday, July 3, 2014 7:25 AM EDT
A state actuary says expanding military service credits for public employees' pension benefits will cost more than $197 million.
Retirees also will receive more than $33 million to cover back underpayments, along with about $6 million in interest.
The Charleston Gazette says Mandel told the board Wednesday that nearly $23 million will be needed annually for 20 years to cover the expansion's cost.
The West Virginia Supreme Court ruled earlier this year that the board wrongly denied military service credits for armed conflicts not specifically cited in state law.
Information from: The Charleston Gazette, http://www.wvgazette.com