This bill amends the West Virginia Code to provide a graduated increase in retirement benefits for members of the Public Employees Retirement System and the State Teachers Retirement System. 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, if their current annuity is less than this amount. Additionally, beneficiaries of retirees who opted for a 50 percent joint and survivor annuity and meet the same age and service criteria will have their benefits increased to $500 per month under similar conditions. The bill also clarifies that years of service as an elected public official or temporary legislative employee will not be counted towards these minimum benefits.

Furthermore, the bill introduces a new provision that mandates a gradual increase in retirement annuities starting July 1, 2026, with increments of 2.5%, 1.5%, and 1% over the following three years. This increase is designed to enhance the financial security of retirees and their beneficiaries. The bill specifies 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