Bill > SB589

This bill provides pay increases and adjustments to the retirement and benefits system for various judicial positions in West Virginia. The bill increases the annual salaries for magistrates (from $63,250 to $75,840), Supreme Court of Appeals justices (from $149,600 to $157,600), circuit court judges (from $138,600 to $146,600), family court judges (from $103,950 to $111,950), and Intermediate Court of Appeals judges (from $142,500 to $150,500), with these increases taking effect on July 1, 2025. The bill also modifies the judicial retirement system by implementing a "contribution holiday" for courts, suspending their required contributions to the pension fund until the fund falls below 150% funding or until July 1, 2029. Additionally, the bill introduces an actuarially reduced pension benefit option for judges who have served at least 12 full years after reaching 65 years of age. The legislation increases the surviving spouse annuity from 40% to 50% of the judge's salary and eliminates previous distinctions in calculating benefits for judges appointed before or after July 1, 2005. The bill also extends the sunset date for certain limitations on retirement benefits from July 1, 2019 to July 1, 2029.