This bill proposes amendments to the Code of West Virginia by introducing two new sections, 5-10-22o and 18-7A-26z, which establish a cost-of-living adjustment for certain retirees. Specifically, it targets individuals who are at least 60 years old and have been receiving annuity payments from the Public Employees Retirement System and the Teachers Retirement System for a minimum of five years. The cost-of-living adjustment will be implemented starting July 1, 2025, and will be calculated based on the annual increase in the consumer price index as published by the United States Department of Labor, Bureau of Labor Statistics.

The intent of this legislation is to provide financial relief to long-term retirees by ensuring that their monthly annuity payments keep pace with inflation, thereby enhancing their purchasing power. This adjustment aims to support the financial stability of older retirees who may be facing increased living costs over time.

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