HB 5052
To provide a 5% cost of living increase for state retirees who make under $60,000 per year
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes a one-time cost-of-living supplement for certain West Virginia state retirees. It would provide a 10% increase to the annuity benefit for retirees who are at least 65 years old and have been receiving retirement benefits for at least five years, with an annual benefit of under $75,000. The supplement would be effective starting July 1, 2027. This adjustment aims to help retirees maintain their purchasing power due to rising costs.
Key provisions
- Provides a 10% one-time cost-of-living supplement to retirement benefits.
- Applies to retirees aged 65 or older.
- Requires at least five years of retirement status.
- Limits the benefit to retirees with an annual retirement benefit under $75,000.
- The supplement is effective July 1, 2027.
- The supplement is subject to Internal Revenue Code limitations.
Who is affected
- West Virginia State Retirees
- West Virginia Public Employees Retirement System Participants
- Retirees with annual benefits under $75,000
Notable changes
- Introduces a one-time supplemental payment to existing retirement benefits.
- Establishes specific eligibility criteria based on age and years of service.
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours