Senate Bill No. 77
(By Senators Hunter and White)
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[Introduced January 9, 2008; 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 §5-10-22j; and to
amend said code by adding thereto a new section, designated
§18-7A-26u, all relating to providing a supplemental benefit
to certain public employee and 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 §5-10-22j; and that
said code be amended by adding thereto a new section, designated
§18-7A-26u, all to read as follows:
CHAPTER 5. GENERAL POWERS AND AUTHORITY OF THE BOARD
OF PUBLIC WORKS; MISCELLANEOUS AGENCIES, COMMISSIONS,
OFFICES, PROGRAMS, ETC.
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22j. 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 beginning on
the first day of July, two thousand eight and two thousand nine, 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.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS' RETIREMENT SYSTEM.
§18-7A-26u. 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 beginning on
the first day of July, two thousand eight and two thousand nine, 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 to certain annuitants under the Public Employees and
Teachers' Retirement Systems. 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. The supplemental benefit
is restricted for two thousand eight and two thousand nine.
These sections are
new; therefore, strike-throughs and
underscoring have been omitted.
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