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Introduced Version House Bill 2412 History

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H. B. 2412

 

         (By Delegates Perry, Shaver, Moore, Smith,

               Lawrence and Stowers)


         [Introduced January 11, 2012

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; 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 §5-10-22k; and to amend said code by adding thereto a new section, designated §18-7A-26v, all relating to providing a one-time bonus payable in July of every year starting in 2011 for retired public school teachers and state retirees.

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 §5-10-22k; and that said code by amended by adding thereto a new section, designated §18-7A-26v, all to read as follows:

CHAPTER 5. GENERAL POWERS AND AUTHORITY OF THE GOVERNOR, SECRETARY OF STATE AND ATTORNEY GENERAL; BOARD OF PUBLIC WORKS; MISCELLANEOUS AGENCIES, COMMISSIONS, OFFICES, PROGRAMS, ETC.

ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.

§5-10-22k. One-time bonus payment for certain annuitants effective              July 1, 2011.

    (a) As an additional bonus payment to other retirement allowances provided, a one-time bonus payment to retirement benefits shall be paid to retirants of the system as provided in subsection (b) of this section. The one-time bonus payment shall be paid in July of each year starting in 2011.

    (b) The one-time bonus payment provided in this section applies to any retirant who had retired pursuant to this article or any applicable predecessor of this article. Those retirants who had retired before 1960 shall receive a one-time bonus payment of $300. Those retirants who had retired between the years 1960 and 1980 shall receive a one-time bonus payment of $150. Those retirants who had retired after the year 1980 shall receive a one-time bonus of $100. This one-time bonus payment is subject to any applicable limitations under Section 415 of the Internal Revenue Code of 1986, as amended.

    (c) The one-time bonus payment provided by this section shall be payable pro rata to any beneficiaries of a qualifying retirant who currently receive an annuity or other benefit payable by the retirement system.

CHAPTER 18. EDUCATION.

ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.

§18-7A-26v. One-time bonus payment for certain annuitants effective July 1, 2011.

    (a) As an additional bonus payment to other retirement allowances provided, a one-time bonus payment to retirement benefits shall be paid to retirants of the retirement system as provided in subsection (b) of this section. The one-time bonus shall be paid in July of each year, starting in 2011.

    (b) The one-time bonus payment provided in this section applies to any retirant who had retired pursuant to this article or any applicable predecessor of this article. Those retirants who had retired before 1960 shall receive a one-time bonus payment of $300. Those retirants who had retired between the years 1960 and 1980 shall receive a one-time bonus payment of $150. Those retirants who had retired after the year 1980 shall receive a one-time bonus of $100. This one-time bonus payment is subject to any applicable limitations under Section 415 of the Internal Revenue Code of 1986, as amended.

    (c) The one-time bonus payment provided by this section shall be payable pro rata to any beneficiaries of a qualifying retirant who currently receive an annuity or other benefit payable by the retirement system.


    NOTE: The purpose of this bill is to provide a one-time bonus payable in July of every year starting in 2011 for retired public school teachers and state retirees.


    These sections are new; therefore, they have been completely underscored.

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