HB 3426
Providing a cost-of-living provision for certain persons retired under the Public Employees Retirement System and the Teachers Retirement System
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to provide cost-of-living adjustments to retired public employees and teachers in West Virginia. Specifically, it applies to annuitants who are at least 60 years old and have received retirement payments for at least five years from either the Public Employees Retirement System or the Teachers Retirement System. The adjustments will be based on the annual increase in the Consumer Price Index as reported by the U.S. Department of Labor. This legislation seeks to help retirees maintain their purchasing power due to inflation.
Key provisions
- Establishes a cost-of-living adjustment (COLA) for eligible retirees.
- The COLA is tied to the annual increase in the Consumer Price Index (CPI).
- Eligibility requires annuitants to be at least 60 years old.
- Eligibility also requires at least five years of receiving an annuity from the Public Employees Retirement System or the Teachers Retirement System.
- The COLA will begin July 1, 2025.
- The adjustment is applied to monthly annuity payments.
- The adjustment is calculated based on data from the U.S. Department of Labor, Bureau of Labor Statistics.
- The bill amends sections of the West Virginia Code related to retirement systems.
Who is affected
- Retired Public Employees
- Retired Teachers
- West Virginia Residents Receiving Retirement Annuities
Notable changes
- Introduces a cost-of-living adjustment mechanism for a specific group of retirees.
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