This bill amends the West Virginia Code to provide a one-time bonus of $1,500 for certain annuitants and to increase the minimum monthly retirement benefits for eligible retirees within the Public Employees Retirement System and the State Teachers Retirement System. Specifically, it lowers the required years of service from 25 to 20 for retirees who are at least 70 years old as of July 1, 2025, and whose retirement annuity is less than $1,000 per month. The bill also establishes a minimum monthly benefit of $500 for beneficiaries of retirees who meet similar age and service criteria.

Additionally, the bill clarifies that any years of service while an elected public official or temporary legislative employee will not be counted towards the total service requirement for the minimum benefits. The changes are not retroactive and apply only to members who have retired before the effective date of the bill. The bill aims to enhance the financial security of certain retirees and their beneficiaries by ensuring they receive a minimum level of monthly benefits.

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