FISCAL NOTE
FISCAL NOTE
2025 REGULAR SESSION
Introduced
Senate Bill 451
By Senator Tarr
[Introduced February 13, 2025; referredto the Committee on Pensions; and then to the Committee on Finance]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding a new section, designated ยง5-10-22o, relating to providing an enhanced retirement benefit for certain retirees under the West Virginia Public Employees Retirement Act.
Be it enacted by the Legislature of West Virginia:
## ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
As an additional supplement to other retirement allowances provided, an enhanced retirement annuity of a retirant who: (1) Is over the age of 77 years; (2) Retired before June 30, 2020; and (3) Has been receiving defined retirement benefits for at least 12 years, shall be an increased amount, payable monthly, equal to a compounded 103 percent of the retirant's annual retirement payment at the age of 65 years.
NOTE: The purpose of this bill is to provide an enhanced retirement annuity for certain annuitants equal to 103 percent of the retirant's annual payment at age 65.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.