Bill > HB4969

This bill, aiming to gradually increase state retirement benefits, will provide a total increase of 5% to the retirement annuities of eligible retirees and their beneficiaries over three years, starting on July 1, 2026, with a 2.5% increase, followed by a 1.5% increase on July 1, 2027, and a final 1% increase on July 1, 2028. This legislation modifies existing provisions that establish minimum monthly retirement benefits for certain annuitants who meet age and service requirements, ensuring their payments reach at least $1,000 per month for retirees or $500 per month for beneficiaries of a joint and survivor annuity, with specific exclusions for service as an elected public official or temporary legislative employee in one section, and for certain higher education service in another. The bill clarifies that these increases are not retroactive and apply to those already retired or receiving benefits before the effective date, and are subject to limitations under federal tax law (Internal Revenue Code of 1986, as amended) and state code.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4969&year=2026&sessiontype=RS&btype=bill