Senate Bill No. 69
(By Senators Bowman, Kessler, Chafin and White)
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[Introduced February 11, 2009; referred to the Committee on
Pensions; and then to the Committee on Finance.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §18-7A-26v, relating
to increasing benefits of certain retired teachers by three
percent July 1, 2009, and then by three percent every five
years thereafter.
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. Additional benefits for certain annuitants.
As an additional supplement to other retirement allowances
provided, each retiree who has been an annuitant for five or more
consecutive years shall receive, effective July 1, 2009, upon
application, an increased amount, payable monthly, which is the product of his or her present retirement allowance multiplied by
three percent. Every five years thereafter, those annuitants shall
receive an additional increased amount, payable monthly, which is
the product of his or her present retirement allowance multiplied
by three percent.
NOTE: The purpose of this bill is to give retired teachers who
have been retired for five years or longer, an increase in
retirement benefits by three percent in July, 2009, and then
increase the benefits by three percent every five years thereafter.
This section is new; therefore, strike-throughs and
underscoring have been omitted.