HB 2508
Permit beneficiary under the State Teachers Retirement System to convert to the maximum life annuity if the spouse dies within the first five years of the beneficiary’s retirement
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill allows a retiree under the West Virginia State Teachers Retirement System who received a joint life annuity with their spouse to switch to a maximum life annuity if their spouse dies within the first five years of the retiree’s retirement. To do so, the beneficiary must provide proof of divorce or the spouse’s death to the retirement board. The recalculated monthly benefits will not exceed what would have been available under the maximum life annuity at the time of retirement, and this change is limited to one occurrence.
Key provisions
- Allows a beneficiary to convert to a maximum life annuity.
- The conversion is available if the spouse dies within five years of the beneficiary’s retirement.
- Proof of divorce or death must be provided to the retirement board.
- Recalculated monthly benefits cannot exceed the maximum life annuity amount at retirement.
- This change is limited to one occurrence for a beneficiary.
- Remarriage allows the beneficiary to name a new spouse as an annuitant.
- The new survivorship annuity's value must be actuarially equivalent to the retiree's benefit.
- The beneficiary must provide proof of remarriage and certify no qualified domestic relations order exists.
Who is affected
- Retirees under the State Teachers Retirement System
- Spouses of retirees
- The State Teachers Retirement System
Notable changes
- Provides a mechanism for beneficiaries to adjust their retirement annuity upon the death of a spouse.
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