Change required service from 25 to 20 years for eligibility for minimum 1k retirement annuity

HB 4562 lowers the required service time from 25 to 20 years for certain retirees to qualify for a minimum $1,000 monthly retirement benefit under West Virginia's Public Employees and State Teachers Retirement Systems. It applies to retirees aged 70+ as of July 1, 2026, with at least 20 years of service (excluding time as elected officials, temporary legislative staff, or capped-salary educators), if their current benefit is below $1,000. Surviving spouses who chose a joint and survivor annuity with similar service would qualify for a $500 minimum benefit. The change only applies to those retired before the bill's effective date, not retroactively.