Modifying the West Virginia State Police Retirement System

HB 5046 lowers the eligibility age for an annual retirement annuity adjustment in the West Virginia State Police Retirement System from 63 to 55 years. It directly affects current and future West Virginia State Police retirees aged 55 or older, as well as surviving spouses receiving benefits under specified sections. The bill adds a 1% annual adjustment to retirement awards (paid monthly starting July 1), which supplements existing benefits but cannot be retroactive. Retirees or surviving spouses with less than one year of benefits at the first adjustment date receive a pro-rata share of the full annual amount.