Providing cost-of-living adjustment for certain PERS and State Teachers Retirement System retirees

Senate Bill 61 provides a one-time $1,000 cost-of-living adjustment to retirees of West Virginia's Public Employees Retirement System (PERS) and State Teachers Retirement System (STRS) who currently receive an annual retirement annuity. The adjustment must be paid in full by June 30, 2025, and is subject to federal tax limits. Beneficiaries receiving annuities or benefits from these systems will also receive a proportional share of the $1,000 payment. This bill directly affects retirees and their designated beneficiaries under both retirement systems who met the eligibility criteria as of June 30, 2025.