PEIA Stability and Sustainability Act of 2026

SB 434 creates the PEIA Stability and Sustainability Act of 2026 to stabilize West Virginia's Public Employees Insurance Agency (PEIA), which covers over 200,000 state employees, teachers, public workers, and retirees. It establishes a PEIA Stabilization Reserve Fund funded by 2% of the state's General Revenue each year, sets employer contributions at 82% (minimum 80%) and employee contributions at 18%, and protects retirees by capping premiums at $100/month for those with under $40,000 annual pension income or covering full Medicare Advantage premiums. The bill mandates public transparency for rate changes (with 30-day notice and actuarial justification), creates an independent oversight board with employee and retiree representation, and requires annual accountability reports. These provisions aim to prevent premium spikes, ensure long-term solvency, and maintain affordable coverage for beneficiaries.