H. B. 2246


(By Delegates Craig and Morgan)
[Introduced January 13, 2010; referred to the
Committee on Pensions and Retirement then Finance.]




A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §18-7A-26v, relating to providing a cost-of-living provision for certain persons retired under the Teachers Retirement System.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §18-7A-26v , to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.

§18-7A-26v. Cost-of-living provision for annuitants at least sixty years of age and retired at least five years.

Beginning July 1, 2009, all annuitants at least sixty years of age and receiving an annuity from this system for at least five years shall receive a cost-of-living increase in their monthly annuity equal to the annual increase in the consumer price index as published by the United States Department of Labor, Bureau of Labor Statistics. The maximum annual cost-of-living increase may not exceed five percent of the base monthly annuity.

NOTE: The purpose of this bill is to provide a cost-of-living provision for certain persons retired under the Teachers Retirement System.
Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.