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Introduced Version House Bill 4152 History

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Key: Green = existing Code. Red = new code to be enacted
H. B. 4152


(By Delegates Mahan, Kessler, Moye and Gall)
[Introduced January 23, 2008; referred to the
Committee on Education then Finance.]




A BILL to amend and reenact §18-7A-28e of the Code of West Virginia, 1931, as amended, relating to providing cost-of-living benefits to retired teachers funded from the severance tax collections on natural gas.

Be it enacted by the Legislature of West Virginia:
That §18-7A-28e of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-28e. Limitations on benefit increases.

(a) The state shall not increase any existing benefits or create any new benefits for any retirees or beneficiaries currently receiving monthly benefit payments from the retirement system, other than an increase in benefits or new benefits effected by operation of law in effect on the effective date of this article, in an amount that would exceed more than one percent of the accrued actuarial liability of the system as of the last day of the preceding fiscal year as determined in the annual actuarial valuation for each plan completed for the Consolidated Public Retirement Board as of the first day of the following fiscal year: Provided, That beginning the first day of July, two thousand eight, all annuitants at least sixty years of age and who have been receiving an annuity from this system for at least five years shall receive a cost-of-living adjustment in his or her monthly annuity in an amount equal to five percent of the benefits received by that annuitant. Thereafter all annuitants shall receive cost-of-living benefits equal to the annual increase in the consumer price index as published by the United States Department of Labor, Bureau of Labor Statistics. These cost-of-living benefits shall be funded from the severance tax on natural gas imposed under the provisions of section three-a, article thirteen-a, chapter eleven of this code.
(b) If any increase of existing benefits or creation of new benefits for any retirees or beneficiaries currently receiving monthly benefit payments under the retirement system, other than an increase in benefits or new benefits effected by operation of law in effect on the effective date of this article, causes any additional unfunded actuarial accrued liability in any of the West Virginia state sponsored pension systems as calculated in the annual actuarial valuation for each plan during any fiscal year, additional unfunded actuarial accrued liability of that pension system shall be fully amortized over no more than the six consecutive fiscal years following the date the increase in benefits or new benefits become effective as certified by the Consolidated Public Retirement Board. Following the receipt of the certification of additional actuarial accrued liability, the Governor shall submit the amount of the amortization payment each year for the retirement system as part of the annual budget submission or in an executive message to the Legislature.
(c) Notwithstanding the provisions of subsections (a) and (b) of this section, the computation of annuities or benefits for active members due to retirement, death or disability as provided for in the retirement system shall not be amended in such a manner as to increase any existing benefits or to provide for new benefits.
(d) The provisions of this section terminate effective the first day of July, two thousand thirty-four: Provided, however, That if bonds are issued pursuant to article eight, chapter twelve of this code, the provisions of this section shall not terminate while any of the bonds are outstanding.

NOTE: The purpose of this bill is to provide cost-of-living benefits to retired teachers to be funded from the severance tax collected on natural gas.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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