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. 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. This increase will be determined based on the inflation rate from the previous year, providing a financial adjustment to help retirees keep pace with rising costs.

The intent of this legislation is to enhance the financial security of long-term retirees by ensuring their annuity benefits are adjusted in accordance with inflation, thereby maintaining their purchasing power over time. This amendment reflects a commitment to support public employees who have dedicated years of service and are now relying on their retirement benefits.

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