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WV HB2075
Bill
Status
2/12/2025
Primary Sponsor
Larry Kump
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AI Summary
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Establishes an annual cost-of-living adjustment (COLA) for Public Employees Retirement System (PERS) retirees who have been retired for more than 10 years, with the first payment due by June 30, 2025
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Creates a parallel COLA for State Teachers Retirement System retirees who retired voluntarily in good standing under normal circumstances, also with first payment by June 30, 2025
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Extends pro rata COLA payments to beneficiaries of qualifying retirees who currently receive annuities or other benefits from either retirement system
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Subjects all COLA payments to applicable limitations under Section 415 of the Internal Revenue Code of 1986
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Requires the Legislature to review these provisions every 10 years to assess potential COLA increases for future retirees
Legislative Description
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
Retirement
Last Action
To House Investments
2/17/2025