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HB 2075

To require all West Virginia public employee retirement agencies to provide an annual cost of living adjustment for all retirees who have been retired for over ten (10) years

2025 Regular Session Introduced by Larry Kump and 1 co-sponsor

House Bill 2075 requires West Virginia public retirement agencies to provide annual cost of living adjustments for retirees over ten years, supporting their financial stability.

To House Investments
#retirement
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WeVote Research Nonpartisan
Bill Summary · HB 2075

Summary of House Bill 2075

Bill Overview

  • Bill Number: HB 2075
  • Title: To require all West Virginia public employee retirement agencies to provide an annual cost of living adjustment for all retirees who have been retired for over ten (10) years.
  • Status: To House Investments
  • Introduced: January 23, 2025
  • Classification: Bill
  • Subject: Retirement

Purpose and Intent

House Bill 2075 aims to ensure that retirees from public employee retirement agencies in West Virginia receive an annual cost of living adjustment (COLA) if they have been retired for more than ten years. This adjustment is intended to help retirees maintain their purchasing power in the face of inflation and rising living costs.

Key Provisions

  • Annual Cost of Living Adjustment: The bill mandates that all public employee retirement agencies in West Virginia provide a COLA to retirees who have been retired for over ten years.
  • Eligibility: The adjustment applies specifically to retirees, ensuring that those who have served the public and are now living on fixed incomes receive necessary financial support.
  • Implementation Timeline: The bill does not specify an immediate implementation date, but it will require the retirement agencies to adjust their policies and budgets accordingly.

Impact

  • Affected Parties: The primary beneficiaries of this bill will be retirees from public employee retirement systems in West Virginia who have been retired for over ten years. This includes former teachers, state employees, and other public servants.
  • Financial Implications: The bill may have significant budgetary implications for the retirement agencies, as they will need to allocate funds for the annual adjustments. The exact financial impact will depend on the number of eligible retirees and the rate of the COLA determined by the agencies.

Procedural Aspects

  • Current Status: As of now, the bill has been referred to the House Investments Committee for further consideration.
  • Next Steps: The committee will review the bill, and if approved, it will move forward for debate and voting in the House.

Conclusion

House Bill 2075 represents a significant step towards supporting the financial well-being of long-term retirees in West Virginia's public sector. By providing a cost of living adjustment, the bill aims to alleviate some of the economic pressures faced by retirees, ensuring they can maintain a reasonable standard of living in their later years.

Compiled from official sources — confirm details with the bill’s official record.

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