SB 113
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 creates a cost-of-living adjustment for retirees under the West Virginia Public Employees Retirement System (PERS) and the Teachers Retirement System (TRS). It provides an annual increase to monthly annuity payments for retirees who are at least 60 years old and have received payments for at least five years, based on the Consumer Price Index published by the U.S. Department of Labor. This adjustment aims to help retirees maintain their purchasing power as the cost of living rises.
Key provisions
- Establishes a cost-of-living adjustment for PERS and TRS retirees.
- The adjustment is tied to the annual increase in the Consumer Price Index.
- Applies to annuitants who are at least 60 years of age.
- Requires retirees to have received payments for at least five years.
- The adjustment is supplemental to existing retirement allowances.
- The adjustment begins on July 1, 2026.
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 quantifiable measure.
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