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WV HB2508

Bill

Official Source

Status

Introduced

2/17/2025

Primary Sponsor

Christopher Toney

Click for details

Origin

House of Delegates

2025 Regular Session

AI Summary

  • Allows State Teachers Retirement System beneficiaries with joint life annuity plans to convert to maximum life annuity if their spouse dies within the first five years of retirement
  • Requires beneficiaries to furnish proof of spouse's death to the retirement board to qualify for the conversion
  • Limits beneficiaries to only one such retirement plan change under this provision
  • Recalculated monthly benefits cannot exceed what would have been applicable under the maximum life annuity plan at the original retirement date
  • Expands existing conversion rights that previously only applied to divorce or annulment situations

Legislative Description

Permit beneficiary under the State Teachers Retirement System to convert to the maximum life annuity if the spouse dies within the first five years of the beneficiary’s retirement

Retirement

Last Action

To House Investments

2/20/2025

Committee Referrals

Investments2/20/2025
Finance2/17/2025

Full Bill Text

No bill text available