Bill Text: WV HB5393 | 2024 | Regular Session | Introduced
Bill Title: Providing a cost-of-living provision for certain persons retired under the Public Employees Retirement System and the Teachers Retirement System
Spectrum: Partisan Bill (Democrat 11-0)
Status: (Introduced - Dead) 2024-01-31 - To House Pensions and Retirement [HB5393 Detail]
Download: West_Virginia-2024-HB5393-Introduced.html
WEST VIRGINIA LEGISLATURE
2024 REGULAR SESSION
Introduced
House Bill 5393
By Delegates Williams, Hamilton, Hornbuckle, Fluharty, Griffith, Hansen, Garcia, Lewis, Pushkin, Rowe, and Young
[Introduced January 31, 2024; Referred to the Committee on Pensions and Retirement then Finance]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §5-10-37; and to amend said code by adding thereto a new section, designated §18-7A-26z, all relating to providing a cost-of-living provision for certain persons retired under the Public Employees Retirement System and the Teachers Retirement System.
Be it enacted by the Legislature of West Virginia:
CHAPTER 5. GENERAL POWERS AND AUTHORITY OF THE GOVERNOR, SECRETARY OF STATE AND ATTORNEY GENERAL; BOARD OF PUBLIC WORKS; MISCELLANEOUS AGENCIES, COMMISSIONS, OFFICES, PROGRAMS, ETC.
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-37. Cost-of-living provision for annuitants at least 60 years of age and retired at least five years.
Beginning July 1, 2024, all annuitants at least 60 years of age and who have been receiving an annuity from this system for at least five years shall receive a cost-of-living adjustment in his or her monthly annuity in an amount equal to the annual increase in the consumer price index as published by the United States Department of Labor, Bureau of Labor Statistics.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26z. Cost-of-living provision for annuitants at least 60 years of age and retired at least five years.
Beginning July 1, 2024, all annuitants at least 60 years of age and who have been receiving an annuity from this system for at least five years shall receive a cost-of-living adjustment in his or her monthly annuity in an amount equal to the annual increase in the consumer price index as published by the United States Department of Labor, Bureau of Labor Statistics.
NOTE: The purpose of this bill is to provide a cost-of-living increase, based on the annual increase in the consumer price index, for persons under the Public Employees Retirement Act and Teachers Retirement System that are at least 60 years of age and that have received retirement payments for at least five years.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
