Bill
HB 5056
Allows a West Virginia State Teachers Retirement System retiree, whose spouse dies within five years of retirement, to convert to the maximum life annuity.
HB 5056 (Session 2026) – West Virginia
Summary of the Bill: 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
Overview
HB 5056 seeks to provide an option for a beneficiary who is a member of the West Virginia State Teachers Retirement System (STRS) to convert their retirement benefit to the maximum life annuity in the event that the beneficiary’s spouse dies within the first five years after the beneficiary’s retirement. The bill is introduced in the 2026 legislative session with a sponsor and co-sponsor, and has been referred to the House Finance Committee.
Purpose and Intent
- Primary aim: Allow a STRS retiree who is the beneficiary to switch to the largest possible lifetime annuity if their spouse dies within the first five years of retirement.
- Rationale (inferred): To provide greater long-term financial security for surviving retirees who experience an early spousal death, ensuring a stable income for the remainder of the beneficiary’s life.
Key Provisions (What the bill would do)
- Eligibility: Applies to a STRS beneficiary who retires and is married at the time of retirement, and who experiences the death of their spouse within the first five years of the beneficiary’s retirement.
- Benefit Conversion: Allows the beneficiary to elect to convert their retirement benefit to the “maximum life annuity” (the largest lifetime annuity option available under STRS rules) at the time of the spouse’s death or within a specified window after the spouse’s death (exact timing and mechanics would be defined in the bill’s text and STRS regulations).
- Benefit Calculation: The conversion would adjust the payment structure to a single-life, maximum longevity option, typically resulting in a different monthly amount than the original joint or survivor options.
- Administrative Changes: Requires STRS and related agencies to implement the change, including procedures for verification of spousal death, eligibility, and the processing of the election.
- Timing and Effective Date: The bill would specify effective date provisions (e.g., upon enactment or a future date) and any transitional rules for current retirees who meet the criteria.
Affected Parties
- Primary: Members of the West Virginia State Teachers Retirement System who are annuitants/retirees and whose spouse dies within five years of retirement.
- Secondary: The STRS administrative entity (for implementation, processing, and updating benefit structures) and beneficiaries who interact with STRS, including plan beneficiaries, payroll offices, and retirees’ families.
Procedural and Timeline Aspects
- Introduction and Referral: Filed for introduction on February 2, 2026; referred to House Finance (as indicated in the action history).
- Sponsorship: Co-sponsored by Chris Toney; additional sponsors may join.
- Enactment Timeline: Would require passage by both chambers and signature by the governor (not detailed in the provided text). If enacted, the bill would include effective-date language and any necessary implementation timeline for STRS to amend regulations and administrative systems.
Notes and Considerations
- The summary above is based on the bill title and action history. The exact statutory language will determine precise eligibility windows, calculation formulas, and any limitations (e.g., impact on cost-of-living adjustments, survivor benefits, or other STRS options).
- Stakeholders may want to review STRS policy implications, actuarial impact, and potential effects on retiree benefits funding.
If you’d like, I can tailor this summary to include precise provisions once the official bill text is available, or compare it with existing STRS conversion options.
Compiled from official sources — confirm details with the bill’s official record.
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