This bill proposes an amendment to the West Virginia Public Employees Retirement Act by adding a new section, 5-10-22o, which establishes an enhanced retirement benefit for specific retirees. The enhanced benefit is aimed at retirees who are over the age of 77, retired before June 30, 2020, and have been receiving defined retirement benefits for at least 12 years.

Under this new provision, eligible retirees will receive an increased monthly retirement annuity that is equal to a compounded 103 percent of their annual retirement payment at the age of 65. This amendment seeks to provide additional financial support to long-serving retirees, ensuring they receive a more substantial benefit in their later years.

Statutes affected:
Introduced Version: 5-10-22o