H. B. 4435
(By Delegate Keener)
[Introduced February 7, 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
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. One-time supplement for certain annuitants.
(a) A one-time supplement to retirement benefits equal to five percent of the annuitant's annuity benefit as of the effective date
of this section shall be provided to retirees of this system who as
of the first day of July, two thousand one, have been an annuitant
fewer than five consecutive years.
(b) The one-time supplement provided in this section applies
only to members who have retired prior to or as of the effective
date of this section or, if applicable, to beneficiaries receiving
benefits under the retirement system prior to or as of the
effective date of this section: Provided, That the supplement
provided herein is subject to any applicable limitations thereon
under Section 415 of the Internal Revenue Code of 1986, as amended.
NOTE: The purpose of this bill is to provide a
cost-of-living allowance to certain annuitants under the teachers
retirement system who were excluded from supplements provided in
2001.
This section is new; therefore, strike-throughs and
underscoring have been omitted.