West Virginia HB4969 proposes a 5% increase in retirement benefits for state retirees over three years.
West Virginia HB4969 amends the Public Employees Retirement System and the State Teachers Retirement System to provide a gradual increase in retirement benefits. Beginning July 1, 2026, the retirement annuity of retirees will increase by 2.5%, followed by 1.5% in 2027, and 1% in 2028. This bill aims to enhance the monthly retirement benefits for retirees and beneficiaries, ensuring a total 5% increase by July 1, 2028.
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