H. B. 2726
(By Delegates Campbell, Crosier, Boggs,
Hutchins, Eldridge, Williams, Marshall,
Barker and Fleischauer)
[Introduced February 20, 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 disabled persons
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 certain annuitants.
Beginning July 1, 2009, 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 disabled persons 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.