A member with 5 or more years of service who terminates employment prior to retirement, but does not withdraw his or her employee contributions, will be eligible for retirement benefits at age 62, or at age 60 with 20 years of service.
Thereof, how does WV Teacher Retirement work?
Teachers in West Virginia can retire with full benefits: At age 60 with at least 5 years of experience; At age 55 with 30 or more years of experience; or, At any age with 35 or more years of experience.
Herein, how is PERS pension calculated?
Your retirement benefit is calculated using a formula with three factors: Service credit (Years) multiplied by your benefit factor (percentage per year) multiplied by your final monthly compensation equals your unmodified allowance.
Does West Virginia tax retirement income?
West Virginia is tax-friendly toward retirees. … Public and private pension income are partially taxed.
Is West Virginia a good place to retire?
CHARLESTON, WV (WOWK)—A recent survey conducted by Retirement Living found that West Virginia is the third-best state for retirement, right behind Florida and Texas.
Do WV state employees get a pension?
The State of West Virginia offers an outstanding defined benefit pension plan – the Public Employees Retirement System (PERS) under the Consolidated Public Retirement Board. Specific information regarding retirement benefits is available on the West Virginia Consolidated Public Retirement Board’s site.