H. B. 4584
(By Delegates Campbell, Crosier, Long, Boggs,
Hutchins, Eldridge, Williams, Marshall, Barker,
Fleischauer and Yost)
[Introduced February 15, 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 §18-7A-26u, relating
to providing a cost-of-living provision for certain 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-26u, to read as
follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26u. 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 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.