Bill > SB61

This bill provides a $1,000 cost-of-living adjustment (COLA) for retirees of two specific retirement systems in West Virginia: the Public Employees Retirement System (PERS) and the State Teachers Retirement System (STRS). The adjustment applies to all current retirees receiving an annual retirement annuity and will be fully paid by June 30, 2025. The bill specifies that the COLA is subject to limitations under Section 415 of the Internal Revenue Code, which ensures that the additional benefit does not exceed certain tax-related thresholds. If a retiree has passed away, their beneficiary will receive a pro-rata portion of the $1,000 adjustment. This legislative measure aims to provide financial support to retired public employees and teachers by offering a modest additional payment to help offset increases in living expenses.

Labor and Employment

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=61&year=2025&sessiontype=RS&btype=bill