Permit beneficiary under the State Teachers Retirement System to convert to the maximum life annuity if the spouse dies within the first five years of the beneficiary’s retirement

HB 5056 allows beneficiaries of the West Virginia State Teachers Retirement System who elected a joint life annuity (paying benefits to both the retiree and their spouse) to switch to the maximum life annuity if their spouse dies within the first five years of retirement. This change requires the retiree to provide proof of the spouse's death to the retirement board and is limited to one conversion. The bill ensures the recalculated monthly benefit does not exceed what would have been paid under the maximum life annuity at the time of retirement. It directly affects teachers who retired with a joint annuity and lost their spouse early in their retirement.