West Virginia Monthly Retirement Planning
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How to fill out Monthly Retirement Planning?
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FAQ
All federal employees hired in 1984 or later pay Social Security taxes. This includes the president, the vice president, and members of Congress. It also includes federal judges and most political appointees. They all pay the same amount of Social Security taxes as people working in the private sector.
Civilian employees of the West Virginia State Police are members of the Public Employees Retirement System (PERS). Both the active member and employer contribute to this plan. Members of this retirement system are not covered by Social Security or Workers' Compensation.
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).
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.
Workers covered by a Section 218 agreement automatically have both Social Security and Medicare. State and local government employees who are covered by Social Security and Medicare pay into these programs and have the same rights as workers in the private sector.
Most to substantially all of the public employees in Alaska, Colorado, Louisiana, Maine, Massachusetts, Nevada, and Ohio are not in Social Security. Employers and employees who do not participate in Social Security do not pay the Social Security portion of the FICA tax, (6.2 percent of payroll each).
Like most states, teachers need to serve a number of years before qualifying for a pension. West Virginia has a 5 year vesting period. While educators qualify for a pension after 5 years of service, the pension may not be worth all that much.
(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.
Yes. There is nothing that precludes you from getting both a pension and Social Security benefits.
