Senate Bill No. 265
(By Senators Sharpe, Schoonover, Love, Hunter, White, Deem,
Ross, Bowman, Boley, Minear, Dugan, Fanning, Ball and Dittmar)
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[Introduced March 7, 1997; referred to the Committee
on Pensions; and then to the Committee on Finance.]
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A BILL to amend article seven-a, chapter eighteen of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto two new sections, designated
sections twenty-six-p and twenty-six-q, all relating to
supplemental annuities for certain retired employees of the
state teachers retirement system; and requiring a cost of
living allowance to be added to the annual benefits.
Be it enacted by the Legislature of West Virginia:
That article seven-a, chapter eighteen of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto two new sections, designated sections
twenty-six-p and twenty-six-q, all to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26p. Supplemental benefits for certain teachers who retired on or after July 1, 1986 but prior to July 1, 1987.
As an additional supplement to other retirement allowances
provided, each annuitant who retired on or after the first day of
July, one thousand nine hundred eighty-six, and before the first
day of July, one thousand nine hundred eighty-seven, shall
receive a monthly amount equal to two dollars multiplied by his
or her total service credit. Each annuitant who retired during
this time period and whose retirement allowances total three
hundred dollars or less shall be given an additional monthly
supplement equal to one dollar multiplied by his or her total
service credit.
§18-7A-26q. Cost-of-living adjustment.
In addition to other retirement allowances provided, each
annuitant who retires on or after the first day of July, one
thousand nine hundred ninety-eight, shall receive an amount based
on the annual cost-of-living adjustments to the federal consumer
price index for the preceding year multiplied by his or her
current annuity. The cost-of-living adjustment may not exceed a
total of three percent for any one year and shall be payable in
monthly installments together with regular annuities. No cost- of-living adjustment may be paid to any retiree who has not been
receiving annuities for at least a period of twelve months. The cost-of-living annuities shall be adjusted beginning on the first
day of July of each year following the announcement of the
federal consumer price index.
NOTE: The purpose of this bill is to provide supplemental
annuities for certain retired employees of the state teachers'
retirement system who retired on or after July 1, 1986, but
before July 1, 1987; and to require a cost-of-living allowance to
be added to the annual benefits.
§§18-7A-26p and 18-7A-26q are new; therefore, strike-throughs
and underscoring have been omitted.
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