HOUSE CONCURRENT RESOLUTION NO. 149

(By Delegate Ashley, Anderson, Williams, Evans, Canterbury, Hamilton, Pethtel, Householder, Butler, Espinosa, Moye, Westfall, Frich, Bates, Storch, H.K. White, Gearheart and Miller)

(Originating in the Committee on Finance)

[March 11, 2015]

Requesting the Joint Committee on Government and Finance to study potential improvements to pensions for retired teachers and public employees who have been retired for ten or more years, including potential one-time improvements, potential ongoing improvements, and potential improvements for specific classes of retirees categorized by length of retirement in five year increments (individuals retired for 10-15 years, individuals retired for 15-20 years, individuals retired for 20-25 years, and so forth).

            Whereas, Current pension programs for retired teachers and public employees, TRS (Teacher's Retirement System) and PERS (Public Employment Retirement System), do not allow for cost of living adjustments to pension distributions over time that account for rising inflation and cost of living, causing retired teachers and public employees substantial hardship in meeting basic living expenses; and

            Whereas, With an average national inflation rate of 3.22% per year over the past twenty years, the pensions distributed to retired teachers and public employees who have been retired for twenty years or longer have lost more than half of their value during that time; and

            Whereas, A large percentage of retired teachers and public employees receive less than $1,000 per month in pension income, placing many individuals that rely on pensions as a sole source of income near or below the federal poverty line; therefore, be it

            Resolved by the Legislature of West Virginia:

            That the Legislature hereby requests the Joint Committee on Government and Finance study potential improvements to pensions for retired teachers and public employees who have been retired for ten or more years, including potential one-time improvements, potential ongoing improvements, and potential improvements for specific classes of retirees categorized by length of retirement in five year increments (individuals retired for 10-15 years, individuals retired 15-20 years, individuals retired 20-25 years, and so forth); and, be it

            Further Resolved, That the Joint Committee on Government and Finance report to the regular session of the Legislature, 2016, on its findings, conclusions and recommendations, together with drafts of any legislation necessary to effectuate its recommendations; and, be it

            Further Resolved, That the expenses necessary to conduct this study, to prepare a report and to draft necessary legislation be paid from legislative appropriations to the Joint Committee on Government and Finance.