Senate Bill No. 322
(By Senators Bowman, Unger, Plymale, Stollings and Hunter)
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[Introduced January 23, 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 §18-7A-26u, relating
to increasing benefits of certain retired teachers by three
percent in July, two thousand eight, 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-26u, to read as
follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26u. 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 the first day of July,
two thousand eight, 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 5 years or longer, an increase in
retirement benefits by three percent in July, 2008, and then
increase the benefits by three percent every five years thereafter.
These sections are new; therefore, strike-throughs and
underscoring have been omitted.