CHARLESTON, W.Va. (AP) – A retirement board official in West Virginia says fewer state employees and teachers are choosing to retire.
The Charleston Gazette-Mail reports that Consolidated Public Retirement Board executive director Jeffrey Fleck said Wednesday that about 400 employees have placed notices with the Public Employees Retirement System. He says typically about 1,000 file for retirement in the last three months of the year.
Fleck says retirements after completion of the 2018-19 school year also were down.
Public employees have received pay increases averaging 5% in 2018 and 2019. Fleck says he doesn’t know whether that is the reason behind the lower figures, although it could be an incentive to putting off retirement.
Public employee and teacher pensions are calculated based on the highest three pay years of the employee’s final work years.