H. B. 2246
(By Delegates Craig and Morgan)
[Introduced February 12, 2009; 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 §18-7A-26v, relating
to providing a cost-of-living provision for certain persons
retired under the Teachers Retirement System.
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. Cost-of-living provision for annuitants at least
sixty years of age and retired at least five
years.
Beginning July 1, 2009, all annuitants at least sixty years of
age and receiving an annuity from this system for at least five
years shall receive a cost-of-living increase in their monthly annuity equal to the annual increase in the consumer price index as
published by the United States Department of Labor, Bureau of Labor
Statistics. The maximum annual cost-of-living increase may not
exceed five percent of the base monthly annuity.
NOTE: The purpose of this bill is to provide a cost-of-living
provision for certain persons retired under the Teachers Retirement
System.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.