This bill amends the Code of West Virginia to allow individuals who first become members of the Teachers Retirement System on or after July 1, 2015, to convert their accrued annual and sick leave into retirement service credit. Specifically, for these Tier II members, the bill stipulates that they can apply one day of retirement service credit for every two days of accrued annual and sick leave. This conversion will count as additional credited service when calculating their retirement benefits under the Teachers Retirement System.

Additionally, the bill clarifies that while this conversion is permitted, it cannot be used to meet the initial eligibility criteria for retirement; rather, it serves only to enhance the service credit beyond the minimum requirements. The bill also includes a provision that the computation of service credit will follow specific guidelines set forth in the West Virginia Code of State Rules. Overall, the legislation aims to provide more flexibility and benefits for newer members of the Teachers Retirement System regarding their accrued leave.

Statutes affected:
Introduced Version: 5-16-13