HB 4889
To give state retirees a 10% increase
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes a phased-in increase to retirement benefits for West Virginia state retirees and teachers. Specifically, it aims to raise the monthly retirement annuity for eligible retirees and beneficiaries who are at least 70 years old and have at least 25 years of service. The increase will be implemented in stages over a three-year period, beginning July 1, 2026, with an initial 10% increase effective December 31, 2023, for those currently below the specified minimum monthly amounts.
Key provisions
- Increases the monthly retirement annuity for retirees and beneficiaries aged 70+ with 25+ years of service to $1,000 per month starting December 31, 2023.
- For beneficiaries with a 50% joint and survivor annuity, the monthly benefit will increase to $500 per month starting December 31, 2023.
- A 10% increase in retirement annuities will be phased in over a three-year period, beginning July 1, 2026.
- Excludes years of service as an elected public official or temporary legislative employee from the calculation of total service.
- Applies only to retirees and beneficiaries who were receiving benefits prior to the effective date or who retired prior to the effective date.
- The increase is in lieu of, and not in addition to, other retirement benefits.
- The minimum benefit is subject to Internal Revenue Code limitations.
- Salary caps for higher education employees are considered when determining eligibility.
Who is affected
- West Virginia State Retirees
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