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 beginning 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 receive 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 maintain their purchasing power in light of inflation, thereby providing financial relief to those who have dedicated years of service. By linking the cost-of-living adjustment to the consumer price index, the bill aims to create a more equitable and sustainable retirement benefit for eligible individuals.

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