H. B. 4264
(By Mr. Speaker, Mr. Kiss (By Request))
[Introduced January 28, 2002; 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-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 or three percent, whichever is less. 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.
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.