This bill proposes amendments to the Code of West Virginia by introducing two new sections, 5-10-22o and 18-7A-26z, which provide a $1,000 cost-of-living adjustment to certain retirees of the Public Employees Retirement System and the State Teachers Retirement System. The adjustments are designed to be an additional benefit to existing retirement allowances and are to be fully paid by June 30, 2026. The adjustments will apply to retirees who currently receive an annual retirement annuity and will also be subject to limitations under Section 415 of the Internal Revenue Code of 1986.

Furthermore, the bill stipulates that the cost-of-living adjustment will be distributed pro rata to any beneficiaries of qualifying retirees who receive an annuity or other benefits from the retirement systems. This initiative aims to enhance the financial support for retirees and their beneficiaries, ensuring they receive adequate adjustments in their retirement benefits.

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