West Virginia Retirement Cash Flow
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FAQ
After years of partially funding the rates recommended by the VRS board, the assembly has fully funded them for state employees since 2017 and for teachers since 2018 as part of pension r enacted a decade ago to lower the state's unfunded pension liabilities.
Retirement BenefitsOfficers who have served for 10 years and are at least 57 years of age (55-56 years of age under certain conditions) are eligible to retire with a reduced annuity. Retirement at 65 years of age is mandatory.
The State of West Virginia offers an outstanding defined benefit pension plan the Public Employees Retirement System (PERS) under the Consolidated Public Retirement Board.
You contribute up to 5% of your compensation each month to your member contribution account through a pre-tax salary reduction. Your contributions are tax- deferred until you withdraw them as part of your retirement benefit or as a refund. Your employer makes a separate contribution to VRS for all covered employees.
Surpassed only by Florida and Texas, West Virginia ranked 3rd of the 10 best states to retire. Studies determined that more than 20% of the state's population is 65 or older. One of West Virginia's biggest contributor was the fact that the cost of living is very affordable, with low property and sales taxes.
(a) A member may retire with full benefits upon attaining the age of 50 and completing 25 or more years of service or attaining the age of 52 and completing 20 years or more of service by filing with the board his or her voluntary application in writing for retirement.
Prospective retirees must make application to the Board in order to commence retirement benefits. Regular retirement benefits are paid in equal monthly installments in an amount equal to 2% multiplied by the member's years of credited service multiplied by the member's Final Average Salary (FAS).