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

SB 127 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 received annual retirement annuities as of June 30, 2025. The payment must be fully distributed by June 30, 2026, and applies to both retirees and their surviving spouses or beneficiaries who receive annuities from these systems. The adjustment is subject to federal tax limits under Section 415 of the Internal Revenue Code. This bill directly affects current retirees in these two systems, offering a fixed annual payment rather than an inflation-based adjustment.