Senate Bill No. 252
(By Senators Hunter, Redd, Ross, Mitchell, Rowe and Kessler)
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[Introduced February 28, 2001; referred to the Committee on
Pensions; and then to the Committee on Finance.]
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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-s, relating to increasing supplemental benefits to
certain 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-s, to read as follows:
ARTICLE 7A. STATE TEACHERS' RETIREMENT SYSTEM.
§18-7A-26s. Supplemental benefits for certain annuitants.
(a) As an additional supplement to other retirement allowances
provided, each annuitant meeting the requirements set forth in
subsection (b) of this section, who is receiving a retirement
annuity of eighteen thousand dollars or less annually shall receive
the following supplemental benefit beginning on the first day of
July, two thousand one, and each year thereafter: 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. The cost-of-living supplement may not cause
the annual retirement annuity of an annuitant to exceed eighteen
thousand dollars, although an annuitant may receive that portion of
the supplement that will maintain an annual annuity of eighteen
thousand dollars.
(b) An annuitant is eligible to receive the cost-of-living
supplement set forth in subsection (a) of this section if:
(1) The annuitant is sixty-two years of age or older and has
been retired at least five years; or
(2) The annuitant is receiving a disability annuity and has
been retired at least five years.
(c) Beginning on the first day of July, two thousand two, 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 the current year, so long
as the supplement does not cause the annual retirement annuity of
an annuitant to exceed eighteen thousand dollars.
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, strike-throughs and
underscoring have been omitted.