Senate Bill No. 560
(By Senator Redd, Unger, Kessler, Mitchell, Ross, Dawson,
Bowman, Sharpe, Ball, Hunter, Minard and Love)
[Introduced February 21, 2000; referred to the
Committee on Pensions; and then to the Committee on 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 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, 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 and who retired
between the first day of January, one thousand nine hundred
seventy and the thirty-first day of December, one thousand nine
hundred eighty-five, and who retired with a minimum of ten years
of service, 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 two 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 certain 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 two
percent of the annual annuity, whichever is smaller. Retirees
affected are those who retired between 1970 and 1985 with ten or
more years of service.
This section is new; therefore, strike-throughs and
underscoring have been omitted.