The West Virginia Legislature is considering pension reform measures as a way of dealing with a $5.6 billion liability, according to the Register-Herald.

A joint House-Senate committee is studying various options mostly for new employees, including bumping the retirement age to 62 from 60, reducing benefits, and requiring employees contribute 6% instead of 4.5%. The changes, discussed last week at a meeting of the committee, are estimated to save about 2.5% of salaries for 36,000 workers enrolled in the Consolidated Public Retirement Board, an actuary said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.