This bill proposes an amendment to the West Virginia Public Employees Retirement Act by adding a new section, 5-10-22o, which aims to increase the annuity benefits for certain retirees based on the previous year's inflation rate. Specifically, it stipulates that annuitants who are receiving a retirement annuity as of July 1, 2025, and whose retirement allowance became effective more than five years prior, will be eligible for an increased monthly payment upon application.

The intent of this legislation is to provide additional financial support to long-term retirees by adjusting their annuity benefits in accordance with inflation, thereby helping to maintain their purchasing power over time. This adjustment is designed to supplement existing retirement allowances, ensuring that beneficiaries are better equipped to cope with rising living costs.

Statutes affected:
Introduced Version: 5-10-22o