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 convert their accrued annual and sick leave into retirement service credit. Specifically, for these Tier II members, the bill stipulates that they can apply one day of retirement service credit for every two days of accrued leave, which will count as additional credited service in the calculation of their retirement benefits. This change aims to enhance the retirement benefits for new members of the Teachers Retirement System by recognizing their accrued leave as a valuable asset.

Additionally, the bill clarifies that the accrued annual and sick leave cannot be applied for retirement service credit under previous provisions, ensuring that the new calculation method is distinctly applicable to Tier II members. The bill also specifies that while this additional credited service can increase retirement benefits, it will not be used to meet the initial eligibility criteria for retirement. Overall, the legislation seeks to provide a more favorable retirement benefit structure for new teachers entering the system.

Statutes affected:
Introduced Version: 5-16-13