Senate Bill No. 407
(By Senator Love, Kessler, Redd, Dittmar, Ball, Deem, Dawson,
Mitchell, Hunter, Minard and Ross)
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[Introduced February 4, 2000; referred to the Committee
on Pensions; and then to the Committee on Finance.]
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A BILL to amend article seven-a, chapter eighteen of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
twenty-six-r, relating to increasing the annual retirement
allowance of teachers who retired on or after the first day of
April, one thousand nine hundred eighty-eight, and prior to
the first day of July, one thousand nine hundred eighty-nine.
Be it enacted by the Legislature of West Virginia:
That article seven-a, chapter eighteen of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section twenty-six-r, to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26r. Supplemental benefits for certain teachers who
retired on or after April 1, 1988, and prior to
July 1, 1989.
(a) After the thirtieth day of June, two thousand, annuitants
who retired on or after the first day of April, one thousand nine
hundred eighty-eight, and prior to the first day of July, one
thousand nine hundred eighty-nine, shall receive a thirty-one
percent increase in their annual retirement allowance.
(b) Beginning on the first day of July, two thousand one, and
each year after that, annuitants who retired on or after the first
day of April, one thousand nine hundred eighty-eight, but prior to
the first day of July, one thousand nine hundred eighty-nine shall
receive a three percent increase in their annual retirement
allowance. The amount of the increase paid each year shall be
added to the annuitant's base for the purpose of computing the
increase for the next year.
NOTE: The purpose of this bill is to provide a
cost-of-living allowance for the teachers who retired using the
early-out option in 1988 and 1989.
This section is new; therefore, strike-throughs and
underscoring have been omitted.