CHARLESTON – West Virginia Retirement Plus, the state’s officially sanctioned supplemental retirement plan, has passed 16,000 public employees, with total assets of more than $187 million.
Recent entities which have joined include the town of Pax, the Vienna Public Library, the Wyoming County Health Department and the Doddridge County Board of Education. This means all these entities’ employees may contribute a portion of their incomes to the Plan, which carries with it valuable tax incentives.
For instance: contributions are deducted before taxes, meaning that a $100 contribution on a $2,000-a-month salary will leave $1,900 to be taxed, not the original $2,000.
The new enrollments bring West Virginia Retirement Plus’ totals to 14,000-plus new enrollees since July of 2006, when State Treasurer John Perdue’s office took over the plan.