Pension Credit Expansion to Cost W.Va. $197 Million
A state actuary says expanding military service credits for public employees' pension benefits will cost more than $197 million.
A report by Consolidated Public Retirement Board actuary Harry Mandel projects that active Public Employees Retirement System participants will be eligible for $113.9 million in increased pension payments. Retirees will be entitled to about $43.6 million in increased payments.
Retirees also will receive more than $33 million to cover back underpayments, along with about $6 million in interest.
The Charleston Gazette says Mandel told the board Wednesday that nearly $23 million will be needed annually for 20 years to cover the expansion's cost.
The West Virginia Supreme Court ruled earlier this year that the board wrongly denied military service credits for armed conflicts not specifically cited in state law.