West Virginia HB4562 lowers required service years for minimum retirement benefits from 25 to 20 years.

West Virginia HB4562 amends the Public Employees Retirement System and the State Teachers Retirement System to lower the required service years for certain retirement benefits from 25 to 20 years. The bill ensures that retirees aged 70 or older with at least 20 years of service receive a minimum monthly retirement benefit of $500 if their current benefit is less than that amount. Additionally, it guarantees a minimum monthly benefit of $1,000 for retirees with at least 20 years of service if their current benefit is less than $1,000.

West Virginia HB4562 lowers required service years for minimum retirement benefits from 25 to 20 years.

West Virginia HB4562 amends the Public Employees Retirement System and the State Teachers Retirement System to lower the required service years for certain retirement benefits from 25 to 20 years. The bill ensures that retirees aged 70 or older with at least 20 years of service receive a minimum monthly retirement benefit of $500 if their current benefit is less than that amount. Additionally, it guarantees a minimum monthly benefit of $1,000 for retirees with at least 20 years of service if their current benefit is less than $1,000.