SB 69 Text

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.

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