House Bill 2477 proposes amendments to the Code of West Virginia 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 expected to be made in full by June 30, 2025. The bill also stipulates that this COLA will apply to any retiree currently receiving an annual retirement annuity and will be subject to limitations under the Internal Revenue Code.

Additionally, the bill includes provisions for the pro rata distribution of the COLA to beneficiaries of qualifying retirees who receive annuities or other benefits from the retirement systems. It mandates that the Legislature review the COLA provisions every ten years to assess the potential for future increases in pensions for retirees. Overall, the bill aims to enhance the financial support for retired public employees and school personnel in West Virginia.

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