West Virginia § 8-22-28 Period in which payments limited to income from fund; reduced payments where fund insufficient

West Virginia Statutes

§ 8-22-28 — Period in which payments limited to income from fund; reduced payments where fund insufficient

West Virginia·Ch. 8 MUNICIPAL CORPORATIONS·Art. 22 RETIREMENT BENEFITS GENERALLY; POLICEMEN'S PENSION AND RELIEF FUND; FIREMEN'S PENSION AND RELIEF FUND; PENSION PLANS FOR EMPLOYEES OF WATERWORKS SYSTEM, SEWERAGE SYSTEM OR COMBINED WATERWORKS AND SEWERAGE SYSTEM

Until the expiration of three years from the time of the creation of any such fund, unless otherwise authorized by ordinance of the municipality, no payment shall be made to any member or beneficiary except from the income arising from said fund; and if at any time prior to July 1, 1981, there shall not be sufficient money to the credit of said pension and relief fund to pay each member and beneficiary entitled to the benefits thereof the full amount per month, as herein provided, then an equal percentage of such monthly payments shall be made to each member and beneficiary thereof, until the earlier of:

(a)July 1, 1983, and (b) such time when said fund is so replenished as to warrant payment in full to each of such members and beneficiaries.

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Until the expiration of three years from the time of the creation of any such fund, unless otherwise authorized by ordinance of the municipality, no payment shall be made to any member or beneficiary except from the income arising from said fund; and if at any time prior to July 1, 1981, there shall not be sufficient money to the credit of said pension and relief fund to pay each member and beneficiary entitled to the benefits thereof the full amount per month, as herein provided, then an equal percentage of such monthly payments shall be made to each member and beneficiary thereof, until the earlier of: (a) July 1, 1983, and (b) such time when said fund is so replenished as to warrant payment in full to each of such members and beneficiaries.

West Virginia § 8-22-28 (Period in which payments limited to income from fund; reduced payments where fund insufficient) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.