HB 4154
To require all West Virginia public employee retirement agencies to provide an annual cost of living adjustment for all retirees who have been retired for over ten (10) years
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill would provide annual cost-of-living adjustments to retirees of the West Virginia Public Employees Retirement System and the State Teachers Retirement System who have been retired for over ten years. The adjustments would be paid in full by June 30, 2026, and would be distributed pro rata to any beneficiaries of those retirees. The legislature will review the provision every ten years to assess potential increases for future retirees.
Key provisions
- Provides an annual cost-of-living adjustment to retirement benefits for retirees over 10 years retired.
- Applies to both the Public Employees Retirement System and the State Teachers Retirement System.
- The first payment of the adjustment must be made by June 30, 2026.
- Cost-of-living adjustments are subject to limitations under Section 415 of the Internal Revenue Code.
- Payments are distributed pro rata to beneficiaries of qualifying retirees.
- The legislature will review the provision every 10 years.
- Specifically targets retirees who voluntarily retired in good standing under normal circumstances.
Who is affected
- Retired West Virginia Public Employees
- Retired West Virginia Teachers
- Retirement System Beneficiaries
- State of West Virginia
Notable changes
- Establishes a new mechanism for cost-of-living adjustments for long-term retirees.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Kump
Cosponsors
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