WV HB2632

Increases retirement annuities for Public Employees Retirement System (PERS) retirees and beneficiaries by 2.5% on July 1, 2025, 1.5% on July 1, 2026, and 1% on July 1, 2027

Applies the same graduated 5% total increase over three years to State Teachers Retirement System retirees and beneficiaries

Maintains existing minimum benefit provisions that guarantee $1,000/month for retirees aged 70+ with 25+ years of service (established in 2023)

Maintains existing $500/month minimum for surviving beneficiaries of retirees who chose the 50% joint and survivor annuity option

Excludes service time as elected public officials, temporary legislative employees, and certain higher education employees with capped salaries from minimum benefit calculations