H. B. 2445
(By Delegate Claypole)
[Introduced January 14, 1998; referred to the
Committee on Pensions and Retirement then Finance.]
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
sections twenty-six-p, relating to supplemental annuities
for certain retired employees of the state teachers
retirement system.
Be it enacted by the Legislature of West Virginia:
That article seven-a 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-p, to
read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26p. Supplemental benefits for certain annuitants.
As an additional supplement to other retirement allowances provided, each annuitant who is receiving a retirement annuity of
less than twenty-five thousand dollars annually, shall receive
annually after the effective date of this section a supplemental
benefit as an annual cost-of-living supplement which is equal to
the annual increase in the consumer price index as published by
the United States department of labor or three percent of their
annual annuity, whichever is less, if the supplement does not
cause the annual retirement annuity to exceed twenty-five
thousand dollars. If granting the full supplement to an
annuitant would result in the annual annuity exceeding
twenty-five thousand dollars then the annuitant shall receive
that portion of the supplement that will maintain an annual
annuity of twenty-five thousand dollars.
NOTE: The purpose of this bill is to provide an annual
cost-of-living increase for retirees in the defined benefit
teacher system who receive less than $25,000.00 annually. The
supplement is to equal the consumer price index or three percent
of the annual annuity, whichever is smaller.
This section is new; therefore, strike-throughs and
underscoring have been omitted.