COMMITTEE SUBSTITUTE

FOR

H. B. 4164

(By Mr. Speaker, Mr. Chambers, and Delegates Burk, Rowe,

Wallace and Kiss)

(Originating in the Committee on Pensions and Retirement)


(February 28, 1994)


A BILL to amend article seven-a, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section twenty-six-m, relating to the state teachers retirement; and providing supplemental benefits for certain retired teachers.
Be it enacted by the Legislature of West Virginia:

That article seven-a, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section twenty-six-m to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.

§ 18-7A-26m. Supplemental benefits for certain teachers.

(a) As an additional supplement to other retirement allowances provided, each annuitant whose annuity was approved by the retirement board prior to the first day of January, one thousand nine hundred seventy-one, and who is receiving a monthly pension of three hundred dollars or less, shall receive a monthly amount equal to one dollar multiplied by his or her total service credit.

(b) As an additional supplement to other retirement allowances provided, each annuitant whose annuity was approved on or after the first day of July, one thousand nine hundred eighty-two, and before the first day of July, one thousand nine hundred eighty-four, shall receive a monthly amount equal to two dollars multiplied by his or her total service credit.
(c) It is the intent of the Legislature that the proceeds of the tax imposed pursuant to section thirty-three, article three, chapter thirty-three of this code be dedicated for the purpose of funding supplemental benefits for retired members when such a benefit is enacted by the Legislature. Therefore, in any year in which a supplemental benefit is enacted, the actuary shall not include any proceeds of the tax collected pursuant to section thirty-three, article three, chapter thirty-three in the amount certified to the governor as the amount necessary to eliminate the unfunded liability over a forty-year period.