WV HB3278

Amends the West Virginia Public Employees Retirement Act to allow retirees whose spouse beneficiary dies to have their annuity restored to the full amount they would have received had they not elected a joint survivor option

Currently, retirees who elect reduced annuities under Option A (joint and survivor) or Option B (modified joint and survivor) to provide benefits for a spouse receive permanently reduced payments even if the spouse dies first

If a spouse beneficiary predeceases the retirant and the retirant does not nominate another beneficiary, the retirant's annuity would be recalculated to the actuarial equivalent of a straight life annuity

Applies to members of the West Virginia Public Employees Retirement System who elected reduced survivor benefit options at retirement