Senate Bill No. 160
(By Senators Hunter, White, Unger, Prezioso, Caldwell, Oliverio,
Dempsey, Ross, Love, Minear, Bowman and McKenzie)
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[Introduced January 15, 2003; referred to the Committee on
Pensions; and then to the Committee on 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; and providing the
supplemental benefit may not be increased after the first two
years in which it is received.
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 who is receiving a disability retirement
annuity and has been retired for at least five years, or is
receiving a retirement annuity and is at least sixty-two years and
has been retired for at least five years, shall receive annually
after the effective date of this section, a supplemental benefit as
follows:
An annual cost-of-living supplement which is equal to the
annual percentage increase in the consumer price index, as
published by the United States department of labor or three
percent, whichever is less, multiplied by the first eighteen
thousand dollars of the retiree's annual annuity: Provided, That
the annual annuity provided for under this section may not be
increased after the first two years in which it is received by a
retiree.
NOTE: The purpose of this bill is to provide a
cost-of-living allowance to certain annuitants under the teachers
retirement system. The bill would place a two-year cap on
increasing the supplemental benefit.
This section is new: therefore, strike-throughs and
underscoring have been omitted.