H. B. 2723
(By Mr. Speaker, Mr. Kiss (By Request))
[Introduced January 28, 2003; 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 providing a supplement to certain
disability annuitants receiving retirement benefits under the
teachers defined benefit 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-t, to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26t. Supplemental benefits for certain annuitants.
As an additional supplement to other retirement allowances
provided, each annuitant who is receiving a disability retirement annuity and who has been retired for at least five years, or who is
receiving a retirement annuity, is at least sixty-two years of age
and has been retired for at least five years shall receive
annually, after the thirtieth day of June, two thousand three, an
annual cost of living equal to the annual percentage increase in
the consumer price index as published by the United States
Department of Labor not to exceed three percent of the first
eighteen thousand dollars of the retiree's annual annuity.
NOTE: The purpose of this bill is to provide an annual cost
of living increase for certain retirees in the State Teacher's
Retirement System. The supplement is equal to the consumer price
index or 3%, whichever is smaller, multiplied by the first eighteen
thousand dollars of the retiree's annual annuity.
This section is new; therefore, strike-throughs and
underscoring have been omitted.