This bill proposes amendments to the Code of West Virginia by introducing two new sections, 5-10-22o and 18-7A-26z, which aim to provide a cost-of-living adjustment (COLA) to 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 also stipulates that the COLA will be subject to limitations under Section 415 of the Internal Revenue Code of 1986 and will be payable pro rata to any 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 initiative is designed to enhance the financial stability of long-term retirees and their beneficiaries, ensuring that their retirement benefits keep pace with inflation and cost-of-living changes.

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