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

HB 2508 would allow retired teachers in West Virginia who selected a joint life annuity (a retirement plan with a reduced monthly payment but continued payments to a surviving spouse) to switch to a higher-payment "maximum life annuity" (a plan with no survivor benefit) if their spouse dies within the first five years of their retirement. To make this change, the retired teacher must provide proof of the spouse's death and can only do so once. The new monthly payment cannot exceed the maximum life annuity amount that would have applied at the time of their retirement. This bill directly affects beneficiaries of the State Teachers Retirement System who experience the early death of a spouse during their retirement.