This bill proposes the addition of a new section, 5-10-56, to the West Virginia Public Employees Retirement Act, which will provide a one-time cost-of-living supplement to retirees whose annual retirement benefits are under $75,000. The supplement is designed for retirees who are at least 65 years old and have been in retirement for at least five consecutive years as of July 1, 2027. Specifically, eligible retirees will receive a one-time supplement equal to 10 percent of their annuity benefit that falls below the $75,000 threshold.

The bill stipulates that the one-time supplement will only apply to members who have retired or beneficiaries receiving benefits prior to or on the effective date of the section. Additionally, the supplement is subject to any limitations imposed by Section 415 of the Internal Revenue Code of 1986, as amended. This legislation aims to provide financial relief to eligible retirees by adjusting their benefits in accordance with cost-of-living considerations.

Statutes affected:
Introduced Version: 5-10-56