This bill proposes an amendment to the West Virginia State Police Retirement System, specifically targeting the eligibility age for retirants to receive an annual annuity adjustment. The current law stipulates that retirants must be at least sixty-three years old to qualify for this adjustment. The proposed change lowers this age requirement to fifty-five years old, allowing more retirants to benefit from the annual annuity adjustments.

In addition to the age modification, the bill maintains the existing structure for the annual annuity adjustments, which are set at one percent of the retirement award or surviving spouse award. The adjustments will continue to be disbursed in equal monthly installments and will not be retroactive. The bill also clarifies that the first annuity adjustment for retirants or surviving spouses will occur one year after the commencement of their benefits, with provisions for a pro rata share if they have been retired for less than a year.

Statutes affected:
Introduced Version: 15-2A-7