This bill amends the Code of West Virginia to allow individuals who first become members of the Teachers Retirement System on or after July 1, 2015, to apply their accrued annual and sick leave toward an increase in their retirement benefits. Specifically, it stipulates that for these members, one day of accrued annual or sick leave will equate to one day's retirement service credit, which will be counted as additional credited service in the computation of their benefits. This change is intended to provide more flexibility and benefits to newer members of the Teachers Retirement System.

Additionally, the bill clarifies that while accrued leave can be used to increase retirement benefits, it cannot be used to meet initial eligibility criteria for retirement. The bill also includes provisions that outline the computation of service credit for these members, referencing specific state rules. Overall, the legislation aims to enhance the retirement benefits for Tier II members of the Teachers Retirement System by allowing them to convert their accrued leave into additional service credit.

Statutes affected:
Introduced Version: 5-16-13