Providing a cost-of-living provision for certain persons retired under the Public Employees Retirement System and the Teachers Retirement System

HB 3426 provides annual cost-of-living adjustments (COLAs) to retirees from West Virginia's Public Employees Retirement System and Teachers Retirement System. It affects retirees who are at least 60 years old and have received retirement payments for five or more years. Beginning July 1, 2025, their monthly annuity payments will increase each year by the same percentage as the annual rise in the Consumer Price Index (CPI) published by the U.S. Bureau of Labor Statistics. This adjustment aims to help these retirees keep pace with inflation. The bill directly changes how retirement payments are calculated for eligible retirees under both systems.