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Introduced Version Senate Bill 115 History

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sb115 intr
Senate Bill No. 115

(By Senators Hunter and Dempsey)

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[Introduced February 9, 2005; referred to the Committee

on Pensions; and then to the Committee on Finance.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §18-7A-26t, relating to increasing supplemental benefits to certain teacher retirement annuitants.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §18-7A-26t, to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26t. Supplemental benefits for certain annuitants.
As an additional supplement to other retirement allowances provided, each annuitant who is receiving a disability annuity and has been retired for at least five years, or is receiving a retirement annuity and is at least sixty-two years of age and has been retired for at least five years, shall receive beginning on the first day of July, two thousand five and two thousand six, a supplemental benefit as follows:
An annual cost-of-living supplement which is equal to the percentage increase in the consumer price index as published by the United States Department of Labor or three percent, whichever is less, multiplied by the first eighteen thousand dollars of the retiree's annual annuity.

NOTE: The purpose of this bill is to provide a cost-of-living increase to certain annuitants under the teachers retirement system. The supplement is equal to the percentage increase in the consumer price index or three percent, whichever is less, multiplied by the first eighteen thousand dollars of the retiree's annual annuity. The supplemental benefit is restricted
for 2005 and 2006.

This section is new; therefore, strike-throughs and underscoring have been omitted.

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