H. B. 2860
(By Mr. Speaker, Mr. Kiss and
Delegates Prunty, Williams,
Caputo,Hubbard, Leach and Hunt)
[Introduced February 22, 1999; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend article ten, chapter five of the code of West
Virginia, one thousand nine hundred thirty-one, as amended,
by adding thereto a new section, designated section
twenty-two-f; and to amend article seven-a, chapter eighteen
of said code, by adding thereto a new section, designated
twenty-six-r, all relating to increasing benefits of retired
state personnel and retired teachers by three percent a year
for three years.
Be it enacted by the Legislature of West Virginia:
That article ten, chapter five 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-two-f;
and that article seven-a, chapter eighteen of said code be
amended by adding thereto a new section, designated section
twenty-six-r, all to read as follows:
CHAPTER 5. GENERAL POWERS AND AUTHORITY OF THE GOVERNOR, SECRETARY OF STATE AND ATTORNEY GENERAL; BOARD OF PUBLIC WORKS;
MISCELLANEOUS AGENCIES, COMMISSIONS, OFFICES, PROGRAMS, ETC.
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22f. Supplemental benefits for certain annuitants.
As an additional supplement to other retirement allowances
provided, each annuitant shall receive, effective the first day
of July, one thousand nine hundred ninety-nine, an increased
amount, payable monthly, which is the product of his or her
present retirement allowance multiplied by three percent;
effective the first day of July, two thousand, an increased
amount, payable monthly, which is the product of his or her
present retirement allowance multiplied by three percent; and
effective the first day of July, two thousand one, an increased
amount, payable monthly, which is the product of his or her
present retirement allowance multiplied by three percent.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26r. Supplemental benefits for certain teachers.
As an additional supplement to other retirement allowances
provided, each annuitant shall receive, effective the first day
of July, one thousand nine hundred ninety-nine, an increased
amount, payable monthly, which is the product of his or her
present retirement allowance multiplied by three percent;
effective the first day of July, two thousand, an increased amount, payable monthly, which is the product of his or her
present retirement allowance multiplied by three percent; and
effective the first day of July, two thousand one, an increased
amount, payable monthly, which is the product of his or her
present retirement allowance multiplied by three percent.
NOTE: The purpose of this bill is to increase benefits of
retired state personnel and retired teachers by three percent a
year for three years.
§5-10-22f
and
§18-7A-26r
are new; therefore,
strike-throughs and underscoring have been omitted.