Senate Bill No. 404
(By Senators Sharpe, Schoonover, Love, Hunter, White, Bowman,
Ross, Fanning, Wiedebusch, Snyder and Ball)
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[Introduced March 21, 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 on and
after the first day of July, one thousand nine hundred ninety- eight, a retiree 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 26q are new; therefore, strike-throughs and
underscoring have been omitted.