This bill proposes amendments to the Code of West Virginia by introducing two new sections, 5-10-37 and 18-7A-26z, which establish a cost-of-living adjustment for certain retired individuals under the Public Employees Retirement System and the Teachers Retirement System. Specifically, it stipulates that starting July 1, 2025, all annuitants who are at least 60 years old and have been receiving their annuity for a minimum of five years will be eligible for a monthly cost-of-living adjustment. This adjustment will be equivalent to the annual increase in the consumer price index as published by the United States Department of Labor, Bureau of Labor Statistics.

The intent of the bill is to ensure that retirees from these systems receive financial support that keeps pace with inflation, thereby enhancing their financial security in retirement. By linking the cost-of-living adjustment to the consumer price index, the bill aims to provide a systematic and fair method of increasing retirement benefits for eligible individuals, ensuring that their purchasing power is maintained over time.

Statutes affected:
Introduced Version: 5-10-37, 18-7A-26z