Providing cost-of-living provision for certain retirees under PERS and TRS

This bill provides a cost-of-living adjustment (COLA) for specific retired public employees and teachers in West Virginia. Beginning July 1, 2025, retirees under the Public Employees Retirement System (PERS) and Teachers Retirement System (TRS) who are at least 60 years old and have received benefits for five or more years will automatically receive an annual increase in their monthly payments. The adjustment equals the annual percentage increase in the Consumer Price Index (CPI) published by the U.S. Bureau of Labor Statistics. This directly affects eligible retirees by aligning their benefits with inflation, starting in 2025.