HB 2582
Restoring the Rule of 80 for all State Employees.
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to restore a special retirement rule, known as the ‘Rule of 80,’ for West Virginia state employees. Specifically, it allows members of the Public Employees Retirement Act who are at least 80 years old and have at least 20 years of service to retire with full pension benefits. The bill also outlines incentive options for early retirement, including a lump-sum payment and increased years of service credit, but with restrictions on reemployment.
Key provisions
- Restores the ‘Rule of 80’ – allowing retirement at age 80 with 20 years of service.
- Provides incentive options for early retirement: lump-sum payment, increased service credit, and deferred annuity.
- Prohibits reemployment of retirees, with limited exceptions for contract work or substitute teaching.
- Specifies eligibility criteria for early retirement incentives (active, contributing members as of April 1, 1988).
- Outlines restrictions on accepting contracts after retirement.
- Addresses the calculation of final average salary for annuity purposes.
- Details the funding source for additional annuity payments to retirees.
- Limits the number of positions that can be abolished due to early retirement.
Who is affected
- West Virginia State Employees
- West Virginia Public Employees Retirement System Members
- Governmental Entities in West Virginia
- State Budgeting and Finance Officials
- Legislative Committee on Finance
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