H.B 2499
(By Delegates Martin, Susman, Hatfield,
Hrutkay, Louisos, Perry and Beach)
[Introduced
February 18, 2005
; 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-26t, relating
to increasing supplemental benefits to certain teacher
retirement annuitants.
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-26t,
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 annuity and
has been retired for at least five years, or is receiving a
retirement annuity and is at least sixty-two years of age and has
been retired for at least five years, shall receive on the first
day of July, two thousand five, and on the first day of July, two thousand six, a supplemental benefit as follows:
An annual cost-of-living supplement which is equal to the
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.
NOTE: The purpose of this bill is to provide a
cost-of-living increase for the 2005 and 2006 years to certain
annuitants under the Teachers' Retirement System. The supplement
is equal to the percentage increase in the consumer price index or
three percent, whichever is less, 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.
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