H. B. 4658
(By Delegates Hubbard, Hines and Johnson)
[Introduced February 24, 2000; 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 supplement to
annuitants receiving retirement benefits under the state
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 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 follows: 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: Provided,
That such supplement shall not cause the annual retirement
annuity of any annuitant to exceed twenty-five thousand dollars:
Provided, however, That 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
teachers retirement system who receive less than $25,000
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.