This bill proposes amendments to the Code of West Virginia by introducing two new sections, 5-10-22o and 18-7A-26z, which provide cost-of-living adjustments (COLAs) for certain retirees of the Public Employees Retirement System and the State Teachers Retirement System. The adjustments are aimed at retirees who have been retired for over 10 years and have voluntarily retired in good standing. The first payment of the COLA is mandated to be made in full by June 30, 2026. Additionally, the bill stipulates that the COLA will be subject to limitations under Section 415 of the Internal Revenue Code and will be payable pro rata to beneficiaries of qualifying retirees.

Furthermore, the bill includes a provision for the Legislature to review these sections every 10 years to assess the potential for future COLA increases for retirees. This legislative action is intended to ensure that retired public employees and school personnel receive necessary financial support through periodic adjustments to their retirement benefits, reflecting changes in the cost of living.

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