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 provision, eligible retirees will receive a monthly annuity that is equal to a compounded 103 percent of their annual retirement payment at the age of 65.

The intent of this legislation is to provide additional financial support to long-term retirees who meet the specified criteria, thereby recognizing their service and commitment. The bill does not propose any deletions from existing law but introduces new language to facilitate the implementation of this enhanced benefit.

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