Enhancing retirement benefit for certain Public Employees Retirement Act members

This bill, SB 31, provides an enhanced retirement benefit for specific West Virginia public retirees. It directly affects retirees over age 77 who retired before June 30, 2020, and have received retirement payments for at least 12 years. The key provision adds a monthly supplement equal to 103% of the retiree's annual retirement payment at age 65, calculated as a compounded amount. This supplement is in addition to existing retirement benefits under the West Virginia Public Employees Retirement Act. The bill does not change eligibility criteria or funding mechanisms beyond this specific payment adjustment.