HB 4969
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 monthly retirement benefits for certain retired state employees and teachers under the West Virginia Public Employees Retirement System and the State Teachers Retirement System. Starting in 2026, retirees aged 70 or older with at least 25 years of service will receive a gradual increase in their annuity over three years, with a 2.5% increase in 2026, a 1.5% increase in 2027, and a 1% increase in 2028. The bill also provides for an initial minimum benefit increase for those currently receiving benefits as of December 31, 2023, if their annuity is below $1,000 or $500, respectively.
Key provisions
- Increases retirement annuity for retirees aged 70+ with 25+ years of service by 2.5% in 2026, 1.5% in 2027, and 1% in 2028.
- Provides a one-time increase to $1,000 or $500 for retirees and beneficiaries whose annuities were below those amounts as of December 31, 2023.
- 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.
- The increase is in addition to, not in lieu of, other retirement benefits.
- The minimum benefit increase is subject to Internal Revenue Code limitations.
- The increase does not apply retroactively to the time of retirement.
Who is affected
- Retired State Employees
- Retired Teachers
- Beneficiaries of Retired Employees
Notable changes
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