This bill aims to amend the West Virginia Code regarding the Public Employees Retirement System and the State Teachers Retirement System by introducing a graduated increase in retirement benefits over a three-year period. Specifically, it establishes that beginning July 1, 2025, the retirement annuity for retirees (or their beneficiaries) will be increased by 2.5% on July 1, 2025, followed by a 1.5% increase on July 1, 2026, and a final increase of 1% on July 1, 2027. This increase applies to retirees who are at least 70 years old and have a minimum of 25 years of service as of July 1, 2023, with specific provisions for beneficiaries of retirees who opted for a joint and survivor annuity.

Additionally, the bill maintains existing provisions that ensure minimum monthly retirement benefits of $1,000 for eligible retirees and $500 for their beneficiaries, while excluding service years as elected public officials or temporary legislative employees from the calculation of total service. The bill clarifies that these minimum benefits are not retroactive and will only apply to those who have retired prior to the effective date of the new provisions. Overall, the legislation seeks to enhance the financial security of retirees in West Virginia through structured benefit increases.

Statutes affected:
Introduced Version: 5-10-22n, 18-7A-26y