H. B. 4591


(By Delegates Campbell, Crosier, Marshall
and Canterbury)
[Introduced February 18, 2008; 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 §5-10-22j, relating to providing a cost-of-living provision for certain public employee 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, to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22j. Cost-of-living provision for certain annuitants.
Beginning the first day of July, two thousand eight, all annuitants who have been receiving a disability annuity from this system for at least five years, and all annuitants at least sixty-two years of age who have been receiving an annuity from this system for at least five years, shall receive a cost-of-living adjustment in his or her monthly annuity in an amount equal to the annual increase in the consumer price index as published by the United States Department of Labor Bureau of Labor Statistics or three percent, whichever is less.



NOTE: The purpose of this bill is to provide a cost-of-living provision for certain public employee retirement annuitants.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.