House Bill 2477 proposes amendments to the West Virginia Code to introduce a new section in both the Public Employees Retirement System and the State Teachers Retirement System, which would provide a 20 percent cost-of-living adjustment (COLA) for certain retirees. This adjustment is aimed at 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 applies to any retiree currently receiving an annual retirement annuity and is subject to limitations under the Internal Revenue Code. Additionally, beneficiaries of qualifying retirees will receive the COLA on a pro rata basis.

Furthermore, the bill mandates that the Legislature review the provisions of this section every ten years to assess the potential for future COLA increases for retirees. This legislative action reflects a commitment to support the financial well-being of retired public employees and educators in West Virginia.

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