This bill aims to amend the West Virginia 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 a minimum monthly retirement benefit of $1,000 for retirees aged 70 or older with at least 25 years of service, effective by December 31, 2023. Additionally, beneficiaries of retirees who opted for a 50 percent joint and survivor annuity will receive a minimum of $500 per month under similar conditions. Notably, years of service as an elected public official or temporary legislative employee will not be counted towards these benefits.

Furthermore, the bill includes new provisions that mandate a 10 percent increase in retirement annuities for retirees and their beneficiaries, starting on July 1, 2026, and phased in over three years. This increase is designed to enhance the financial security of retirees, ensuring that their benefits keep pace with inflation and rising living costs. The bill clarifies that these minimum benefits are not retroactive and apply only to those who have retired before the effective date of the new provisions.

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