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Funnel money into supplemental retirement, he says

State Treasurer John Perdue urges public employees enrolled in the state’s supplemental retirement plan to bank at least a portion of upcoming “increment pay” into the plan.

Increment paychecks are end-of-fiscal-year stipends to all state workers, based on years of service. Employees receive $60 for each year they have worked. The Treasurer’s Office will issue increment checks July 24.

Treasurer Perdue also administers West Virginia Retirement Plus, an IRS 457 plan offered to a wide range of public employees. Participants interested in bolstering retirement savings with increment pay should go to www.wv457.com and fill out the attached form. Forms should be returned to respective payroll coordinators no later than July 3.

Participants may contribute anywhere from 20 to 80 percent of their increment pay to their retirement account. What’s more, there is a small “match” as an enticement – those dedicating increment pay to retirement will receive a dollar for every year worked.

“These are definitely hard times,” Treasurer Perdue said. “But some people have been fortunate not to have their incomes disrupted. If that is you, and you have something extra to save, it’s a good idea to put it away in a tax-advantaged account. Your money, in the long run, is better off invested.”

West Virginia Retirement Plus is the state’s officially sanctioned vehicle for public savings. Aside from state workers, it is offered to employees of counties, municipalities and other government subdivisions.






The Treasury does not collect state taxes. Visit the The West Virginia State Tax Department for assistance.

West Virginia State Treasurer's Office
1900 Kanawha Boulevard
Capitol Complex Building #1, Room E-145
Charleston, West Virginia 25305
304-558-5000 Toll Free: 800-422-7498
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