This bill amends the Code of West Virginia to provide additional options for beneficiaries of the State Teachers Retirement System who have chosen a joint life annuity. Specifically, it allows beneficiaries to convert to a maximum life annuity plan if their spouse dies within the first five years of retirement. The bill also clarifies that beneficiaries must provide proof of the spouse's death to the retirement board to qualify for this change. Additionally, it stipulates that beneficiaries can only make this change once and that the recalculated monthly benefits cannot exceed what would have been applicable under the maximum life annuity plan at the time of retirement.

Furthermore, the bill includes provisions for retirants who remarry, allowing them to name their new spouse as an annuitant for survivorship retirement benefit options. To do so, the retirant must provide satisfactory proof of the new marriage and certify that no domestic relations order restricts this designation. The value of the new survivorship annuity will be based on the actuarial equivalent of the retirant's benefit at the time the new annuity is elected. Overall, the bill aims to enhance the flexibility and options available to beneficiaries in the State Teachers Retirement System.

Statutes affected:
Introduced Version: 18-7A-28