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 years for retirees aged 70 and older to qualify for a minimum monthly benefit of $1,000, and for beneficiaries of retirees who chose a joint and survivor annuity, the minimum benefit is set at $500 per month. The effective date for these changes is set for July 1, 2025, with the new provisions applying only to those who have retired before the effective date.

Additionally, the bill clarifies that any years of service as an elected public official or temporary legislative employee will not be counted towards the total service requirement for these benefits. It also specifies that the minimum benefits provided are in lieu of any other retirement benefits and are subject to limitations under the Internal Revenue Code. The bill ensures that these minimum benefits are not retroactive and only apply to members who have already retired or beneficiaries receiving benefits prior to the effective date.

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