HB 5360
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 certain 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 under 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 as the cost of living rises.
Key provisions
- Provides a cost-of-living adjustment (COLA) to eligible retirees.
- The COLA is tied to the annual increase in the Consumer Price Index.
- Eligibility requires retirees to be at least 60 years of age.
- Eligibility also requires a minimum of five years of retirement annuity payments.
- The adjustment applies to both the Public Employees Retirement System and the Teachers Retirement System.
- The adjustments begin July 1, 2026.
Who is affected
- Retired Public Employees
- Retired Teachers
- West Virginia Residents
- Public Employees Retirement System Annuitants
- Teachers Retirement System Annuitants
Notable changes
- Establishes a mechanism for automatic cost-of-living adjustments for a specific group of retirees.
- Links COLA increases to the Consumer Price Index, a common measure of inflation.
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