H. B. 2355
(By Delegate Modesitt)
[Introduced January 22, 1999; 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
section twenty-six-r; relating to providing a one-time
supplemental cost-of-living allowance to be added to the
annual benefits of annuitants of the teachers retirement
system.
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-r, to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26r.Supplemental one-time cost-of-living allowance for annuitants effective July 1, 2000.
A one-time cost-of-living supplement to retirement benefits
provided shall be paid to all eligible annuitants who have been
retired prior to the thirty-first day of December, one thousand
nine hundred ninety-seven, which supplement shall become
effective on the first day of July, two thousand.
In addition to
other retirement allowances provided, each annuitant shall
receive, for onetime only, an amount based on the annual
cost-of-living adjustments to the federal consumer price index
for the preceding year multiplied by his or her current annuity.
NOTE: The purpose of this bill is to provide a supplemental
one-time cost-of-living
allowance to be added to the annual
benefits of annuitants of the teachers retirement system.
This section is new; therefore, strike-throughs and
underscoring have been omitted.