This bill proposes the addition of two new sections to the West Virginia Code, specifically aimed at providing a cost-of-living adjustment for certain retired individuals. Under the new sections, designated as 5-10-37 and 18-7A-26z, all annuitants who are at least 60 years old and have been receiving their annuity for a minimum of five years will be eligible for a cost-of-living increase. This adjustment will be calculated based on the annual increase in the consumer price index as published by the United States Department of Labor, Bureau of Labor Statistics.

The cost-of-living adjustments are set to begin on July 1, 2026, ensuring that retirees under both the Public Employees Retirement System and the Teachers Retirement System receive financial support that reflects inflation and rising living costs. The bill aims to enhance the financial security of older retirees who have dedicated years of service to public employment and education in West Virginia.

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