Senate Bill No. 261
(By Senator Hunter, Minard, Unger, Caldwell, Minear, Ross,
Rowe, Love, Sharpe, Kessler, Edgell, Fanning, Helmick, McCabe,
Anderson, Snyder, Bowman, Facemyer, Boley, Mitchell, Sprouse,
Chafin, Bailey, Redd, Tomblin, Mr. President, Prezioso,
Plymale and Oliverio)
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[Introduced January 21, 2002; 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-t, 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-t, to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26t. 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 two, 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 three, 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.