H. B. 2704
(By Delegates Jenkins, Davis, C. White,
Dempsey, Sparks and Smirl)
[Introduced February 9, 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 increasing supplemental benefits
to teacher retirement annuitants.
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 benefits for certain annuitants.
(a) After the thirtieth day of June, one thousand nine
hundred ninety-nine, annuitants shall receive a monthly
supplement, as an additional supplement to other retirement allowances provided, as follows:
(1) If the annuitant has been retired at least five years
but less than ten years the monthly supplement is one percent of
the annuitant's annuity;
(2) If the annuitant has been retired at least ten years but
less than fifteen years the monthly supplement is two percent of
the annuitant's annuity; and
(3) If the annuitant has been retired fifteen or more years
the monthly supplement is three percent of the annuitant's
annuity.
(b) Beginning on the first day of July, one thousand nine
hundred ninety-nine, and each year thereafter, the amount of the
supplement paid in the preceding year shall be added to the
annuitant's base for the purpose of computing the supplement for
each month of the current year.
NOTE: The purpose of this bill is to provide a
cost-of-living allowance to certain annuitants under the
teachers' retirement system.
This section is new: therefore, underlining and
strike-throughs have been omitted.