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Pension Relief Bill Signed Into Law in West Virginia; Cities Can Freeze Retirement Plans
Herald-Dispatch.com Dec. 4, 2009
Excerpt: A long-discussed measure to help West Virginia cities shouldered with skyrocketing police and firefighter pension costs was signed into law Thursday by Gov. Joe Manchin. The legislation, which takes effect Jan. 1, 2010, gives cities the option of closing their existing retirement plans to new hires and refinancing those plans over a 40-year period to pay off their unfunded liabilities.
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