diff --git a/Changes b/Changes
index 833ae3180..e4f064092 100644
--- a/Changes
+++ b/Changes
@@ -14,6 +14,7 @@ Verilator 5.027 devel
 **Minor:**
 
 * Fix fusing macro arguments to not ignore whitespace (#5061). [Tudor Timi]
+* Fix mis-removing $value$plusargs calls (#5127) (#5137). [Seth Pellegrino]
 
 
 Verilator 5.026 2024-06-15
diff --git a/docs/CONTRIBUTORS b/docs/CONTRIBUTORS
index 0b9636486..70a6c08a1 100644
--- a/docs/CONTRIBUTORS
+++ b/docs/CONTRIBUTORS
@@ -177,6 +177,7 @@ Samuel Riedel
 Sean Cross
 Sebastien Van Cauwenberghe
 Sergi Granell
+Seth Pellegrino
 Srinivasan Venkataramanan
 Stefan Wallentowitz
 Stephen Henry
diff --git a/src/V3Dead.cpp b/src/V3Dead.cpp
index db5e6ae5c..f2657d703 100644
--- a/src/V3Dead.cpp
+++ b/src/V3Dead.cpp
@@ -311,7 +311,7 @@ class DeadVisitor final : public VNVisitor {
         // still get deleted.
     }
     void visit(AstNode* nodep) override {
-        if (nodep->isOutputter()) m_sideEffect = true;
+        if (!m_sideEffect && !nodep->isPure()) m_sideEffect = true;
         iterateChildren(nodep);
         checkAll(nodep);
     }
diff --git a/test_regress/t/t_sys_plusargs.v b/test_regress/t/t_sys_plusargs.v
index 148cc00f1..1ca4f29bd 100644
--- a/test_regress/t/t_sys_plusargs.v
+++ b/test_regress/t/t_sys_plusargs.v
@@ -14,6 +14,7 @@ module t;
    string      sv_str;
    reg [7*8:1] p_in;
    string      sv_in;
+   integer unread;  // never read
 
    initial begin
       if ($test$plusargs("PLUS")!==1) $stop;
@@ -119,6 +120,14 @@ module t;
       if ($value$plusargs("INT=%d", p_i)) ;
       if (p_i !== 32'd1234) $stop;
 
+      // bug5127 - assign side effect test
+      p_i = 0;
+      p_r = 0;
+      unread = $value$plusargs("INT=%d", p_i);
+      unread = $value$plusargs("REAL=%e", p_r);
+      if (p_i !== 32'd1234) $stop;
+      if (p_r !== 1.2345) $stop;
+
       $write("*-* All Finished *-*\n");
       $finish;
    end