SB 638
Providing cost-of-living provision for certain retirees under PERS and TRS
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill would provide cost-of-living adjustments to certain retirees under the West Virginia Public Employees Retirement System (PERS) and the Teachers Retirement System (TRS). Specifically, it would apply to annuitants who are at least 60 years old and have received retirement payments for at least five years. The adjustments would be based on the annual increase in the Consumer Price Index as published by the U.S. Department of Labor. This aims to help retirees maintain their purchasing power as the cost of living rises.
Key provisions
- Establishes a cost-of-living adjustment for retirees.
- Applies to annuitants 60 years of age or older.
- Requires at least five years of retirement annuity receipt.
- The adjustment amount is tied to the annual increase in the Consumer Price Index.
- The adjustments begin on July 1, 2025.
- The adjustment is supplemental to other retirement allowances.
- Covers both the Public Employees Retirement System (PERS) and the Teachers Retirement System (TRS).
Who is affected
- West Virginia Public Employees Retirement System (PERS) retirees
- West Virginia Teachers Retirement System (TRS) retirees
- Retirees aged 60 or older
- Retired individuals receiving annuity payments
Notable changes
- Introduces a cost-of-living adjustment mechanism for a specific group of retirees.
- Links the adjustment to the Consumer Price Index, providing a defined formula.
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