This bill proposes amendments to the Code of West Virginia by adding two new sections, 5-10-22o and 18-7A-26z, which aim to provide a cost-of-living adjustment (COLA) for certain retirees of the Public Employees Retirement System and the State Teachers Retirement System who have been retired for over 10 years. The adjustments will be applicable to retirees who voluntarily retired in good standing and under normal circumstances, with the first payment to be made in full by June 30, 2025. The bill specifies that the COLA will be subject to limitations under the Internal Revenue Code and will also be payable pro rata to beneficiaries of qualifying retirees.

Additionally, the bill mandates that the Legislature review these provisions every 10 years to assess the potential for future COLA increases for retirees. This legislative action is intended to ensure that retired public employees and school personnel receive necessary financial adjustments to their retirement benefits, reflecting changes in the cost of living over time.

Statutes affected:
Introduced Version: 5-10-22o, 18-7A-26z