The state’s public pension system improved funding by reopening a defined benefit plan and transferring members from a defined contribution plan.
West Virginia’s public pension system saw its funded status surge from roughly 9% to about 90% after reopening a defined benefit (DB) plan in 2005. The move followed the closure of a defined contribution (DC) plan in 1991 and a large-scale transfer of members back to the DB structure, which lowered costs and improved funding efficiency.
The system, administered by a team of about 100 staff, oversees 10 retirement plans for approximately 160,000 participants. Officials aim to eliminate unfunded liabilities by 2034–2035, with retirements processed within 30 days. Early adoption of AI tools, such as call center automation and optical character recognition, has streamlined operations.
The board also marked milestones this year, including the executive director’s 15-year tenure and the agency’s 35th anniversary.