Straight Life
$3,000
A lifetime annuity under the regular formula without adjustment. No continuing survivor benefit; if the retiree dies before receiving his or her accumulated contributions, the balance goes to the named beneficiary or estate.
West Virginia TRS Tier I brochure (2023), p. 1, Annuity Options; 162 CSR 4 § 5.1.1, p. 6100% Joint & Survivor
Less than Straight Life
Check with CPRB
A reduced lifetime annuity; the named survivor then receives the same amount for life. If the survivor dies first, the retiree keeps the same amount.
West Virginia TRS Tier I brochure (2023), p. 1; 162 CSR 4 § 5.1.2, p. 650% Joint & Survivor
Less than Straight Life
Check with CPRB
A reduced lifetime annuity; the named survivor then receives half of it for life. If the survivor dies first, the retiree keeps the same amount.
West Virginia TRS Tier I brochure (2023), p. 1; 162 CSR 4 § 5.1.3, p. 610 Year Certain (120 payments)
Less than Straight Life
Check with CPRB
A reduced lifetime annuity; if the retiree dies before 120 monthly payments, the rest go to the named beneficiary (or the present value to the estate).
West Virginia TRS Tier I brochure (2023), p. 1; 162 CSR 4 § 5.1.4, p. 6Amounts on a $3,000 Straight Life benefit (30 years on $60,000). Only Straight Life has a dollar figure: it's the formula amount.
Option factors aren't published; CPRB gives estimates under all 4 options on request.
Straight Life amount only; other options shown without a dollar figure.
What would settle it: CPRB's option factor tables or a sample estimate.
- You choose one of four options: Straight Life, 100% Joint & Survivor, 50% Joint & Survivor, or 10 Year Certain (120 payments). Straight Life pays the most; the others are reduced.West Virginia TRS Tier I brochure (2023), p. 1; 162 CSR 4 § 5.1, p. 6
- Under either Joint & Survivor option, if your survivor dies first your payment stays the same.162 CSR 4 §§ 5.1.2-5.1.3, p. 6
- Once you've received a payment, you can't change your option, except after divorce or annulment, after remarriage, or after the death of a spouse named as survivor.West Virginia TRS Tier I brochure (2023), p. 1; W. Va. Code §18-7A-26(e), -28; 162 CSR 4 § 5.4, p. 7
- CPRB will give you an estimate under all four options before you retire if you ask. It doesn't publish the option factors.West Virginia TRS Tier I brochure (2023), p. 1
The Straight Life amount is the full formula amount. Whatever option you pick, it won't rise with inflation on its own (see COLA).
Changing your mind
Once any benefit is received the option can't be changed, except under W. Va. Code §18-7A-26 (new option after the death of a spouse named as survivor) or §18-7A-28 (conversion to the maximum life annuity after divorce or annulment, once; naming a new spouse after remarriage). West Virginia TRS Tier I brochure (2023), p. 1; 162 CSR 4 § 5.4, p. 7; W. Va. Code §18-7A-26(e), §18-7A-28
Get CPRB's numbers
Before retiring, CPRB will provide on request an estimate under all 4 options. West Virginia TRS Tier I brochure (2023), p. 1, Retirement Benefit Estimate
Questions to ask yourself
- Does someone depend on your pension? If so, a Joint & Survivor option keeps income coming after you die.
- Ask CPRB how your survivor's age would change the Joint & Survivor amounts before you choose.
- With Straight Life, if you die before your own contributions are paid back, the rest goes to your beneficiary. See survivor benefits.
Questions
What are the West Virginia TRS payment options?
4: Straight Life, 100% Joint & Survivor, 50% Joint & Survivor, 10 Year Certain (120 payments). Straight Life pays the most; the others pay less so that someone can keep getting payments after you die.
Can I change my payment option later?
Not after your first payment, except after a divorce or annulment, after remarrying, or after the death of a spouse you named as your survivor.
How much less are the survivor options?
CPRB doesn't publish the factors. It will give you an estimate under all four options before you retire if you ask.
Source: West Virginia TRS Tier I brochure (CPRB), September 2023, p. 1. Also: West Virginia TRS Tier II brochure (2023); W. Va. Code §§ 18-7A-26, 18-7A-28; CPRB rule 162 CSR 4. Last reviewed .