This bill proposes amendments to the Code of West Virginia by introducing two new sections, 5-10-22o and 18-7A-26z, which establish a cost-of-living adjustment for certain retirees. Specifically, it targets annuitants who are at least 60 years old and have been receiving benefits from the Public Employees Retirement System and the Teachers Retirement System for a minimum of five years. Starting July 1, 2026, these eligible retirees will receive an increase in their monthly annuity payments that corresponds to the annual rise in the consumer price index, as reported by the U.S. Department of Labor, Bureau of Labor Statistics.

The intent of the bill is to ensure that retirees from these systems can maintain their purchasing power in light of inflation, thereby providing them with a financial cushion as they age. The proposed cost-of-living adjustments are designed to supplement existing retirement allowances, ensuring that long-term retirees are not adversely affected by rising living costs.

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