Virginia State Icon
The West Virginia Public Employees Retirement Plan (PERS)

Is A Defined Benefit Pension Plan

The West Virginia Public Employees Retirement Plan (PERS) is a Defined Benefit pension that provides a lifetime monthly annuity upon your retirement.

As an eligible employee, participation in PERS is mandatory and your contributions to the pension plan are deducted from your monthly gross, pre-tax salary. You become vested in the pension plan after completing five years and earning sixty months of credit service.

Once you retire, PERS offers a choice of annuity payment options:

  • Straight Life: A lifetime annuity payable monthly to the retiree only (no beneficiary benefits).
  • Option A (100% Joint and Survivor): A reduced lifetime annuity payable monthly to the retiree. Upon the death of the retiree, the named beneficiary receives the same monthly payment for his or her lifetime.
  • OPTION B (50% Joint and Survivor): A reduced lifetime annuity payable monthly to the retiree. Upon the death of the retiree, the named beneficiary receives one-half of the monthly payment for his or her lifetime.
Depending upon your date of employment, you may fall under Tier I or Tier II of PERS requirements that determine the formula used to calculate your pension benefit and your retirement age.

PERS Tier I (Hired Prior To July 1, 2015)

Tier I retirement benefits are paid in equal monthly installments in an amount equal to 2% multiplied by your years of credited service multiplied by the your Final Average Salary (FAS). Your FAS is the average annual salary from the highest 36 consecutive months within the last 15 years of employment. As a member of PERS Tier I you can:
  • Retire with full benefits at age 55 if your age plus service equals 80 or more (Rule of 80).
  • Retire with full benefits at age 60 if you have 5 or more years of service.
  • Retire at age 55 with reduced benefits if you have 10 or more years of service.
  • Retire with reduced benefits under age 55 if you have 30 or more years of service.

PERS Tier II (Hired On Or After July 1, 2015)

Tier II retirement benefits are paid in equal monthly installments in an amount equal to 2% multiplied by your years of credited service multiplied by the your Final Average Salary (FAS). Your FAS is the average annual salary from the highest 60 consecutive months within the last 15 years of employment.

As a member of PERS Tier II you can:

  • Retire with full benefits at age 62 if you have 10 or more years of service.
  • Retire between age 60 and age 62 with reduced benefits you have 10 or more years of service.
  • Retire between age 57 and age 62 with reduced benefits if you have 20 or more years of service.
  • Retire between age 55 and age 62 with reduced benefits if you have 30 or more years of service.

West Virginia Retirement Plus Program

The West Virginia Retirement Plus Program offers an opportunity to voluntarily participate in a supplemental retirement savings plan, in addition to your PERS pension. Your Retirement Plus account is funded with pre-tax and/or post-tax contributions deducted from your monthly salary.

Similar to a 401(k) plan in structure, the program provides a selection of investment options with fees that are typically lower than an individual account. Add to this you can roll over assets from a previous employer retirement account to consolidate your savings in the West Virginia Retirement Plus Program.

PERS FAQ's

How long do I need to work before I am vested in PERS?

You become vested in PERS after completing five years and earning sixty months of credit service.

What is the PERS retirement Age?

Tier I PERS Members hired Prior to July 1, 2015 can:

  • Retire with full benefits at age 55 if your age plus service equals 80 or more (Rule of 80).
  • Retire with full benefits at age 60 if you have 5 or more years of service.
  • Retire at age 55 with reduced benefits if you have 10 or more years of service.
  • Retire with reduced benefits under age 55 if you have 30 or more years of service.

Tier II PERS Members hired on or after July 1, 2015 can:

  • Retire with full benefits at age 62 if you have 10 or more years of service.
  • Retire between age 60 and age 62 with reduced benefits you have 10 or more years of service.
  • Retire between age 57 and age 62 with reduced benefits if you have 20 or more years of service.
  • Retire between age 55 and age 62 with reduced benefits if you have 30 or more years of service.

Do I have to pay Federal Income Taxes on NDPERS retirement benefit?

Yes – once you retire and start receiving your PERS retirement benefits as income, those payments become subject to Federal taxes.

Will my PERS retirement benefits be reduced by Social Security Benefits I receive?

No, PERS does not reduce your benefit once you become eligible for Social Security.

Pension Navigators Logo

This educational website provides an overview of what we can provide to State Departments seeking to help their employees stay current with the ever-changing rules and requirements of their retirement plans.

  • 905 E. Martin Luther King Jr. Drive Suite 620 Tarpon Springs, FL 34689

Who We Are

Pension Navigators is an educational organization dedicated to helping State Employees make informed decisions when planning their retirement. The educational resources we provide are designed to provide them with the most current information on their State Pension Benefits plus strategies for achieving their retirement income goals.

This website provides an overview of what we can provide to State Pension Agencies to help their employees stay current on the latest rules and requirements of their pension plans.

Disclaimer

Pension Navigators provides no-obligation educational information about State Retirement Benefits. Nothing is ever sold, marketed or sent to visitors of this website unsolicited.

© 2019 Pension Navigators | All Rights Reserved.