Estimate tags state vet pension change at $525M
CHARLESTON, W.Va. -- West Virginia officials are putting a $525 million price tag on a proposal to change the way military service can boost a public employee's pension.
Harry Mandel of the Consolidated Public Retirement Board estimated to lawmakers on Monday what a uniform service credit policy would cost.
The estimate includes $367 million for the Teachers' Retirement System, plus $158 million for the main pension fund for public employees.
Mandel said the estimate assumes that both retirement plans would offer five years of credit for active duty veterans. West Virginia's various pension programs have differing rules for military credit.
Several veterans have sued arguing the Public Retirement System has ignored state law and wrongly failed to credit their service during a specific conflict.