HB 2632
To increase the pay for retired state employees by 5% over three years beginning in 2025
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to increase the retirement benefits for both West Virginia Public Employees and State Teachers retirees. Starting in 2025, retirees aged 70 or older with at least 25 years of service will receive a 2.5% increase in their annuity in 2025, a 1.5% increase in 2026, and a 1% increase in 2027. The bill also establishes minimum benefit levels for certain retirees and beneficiaries, ensuring a monthly payment of at least $1,000 or $500, as applicable.
Key provisions
- Increases retirement annuity payments for retirees aged 70+ with 25+ years of service by 2.5% in 2025, 1.5% in 2026, and 1% in 2027.
- Establishes a minimum monthly retirement benefit of $1,000 for eligible retirees and $500 for eligible beneficiaries.
- Excludes years of service as an elected public official or temporary legislative employee from calculating total service.
- Applies to both the Public Employees Retirement System and the State Teachers Retirement System.
- Specifically addresses minimum benefits for retirees who chose a 50% joint and survivor annuity.
- Sets a salary cap of $4,800 for employees of institutions of higher education when calculating service for those retirees.
Who is affected
- West Virginia State Retirees
- West Virginia Public Employees
- West Virginia State Teachers
- Pension Benefit Recipients
- Government Employees
Notable changes
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