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Introduced Version House Bill 3023 History

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H. B. 3023


         (By Delegates Boggs, T. Campbell, Caputo,

            Guthrie, Manchin, Perdue, Pino,

                  Sumner and Williams)


         [Introduced January 11

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, 2012; 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 supplement to retired public employees and teachers seventy years of age or older equal to three percent of their retirement benefits; setting forth conditions; and providing for exceptions.

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 to amend said code 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 supplement for certain annuitants effective               July 1, 2011.

    (a) A one-time supplement to retirement benefits of three percent shall be provided to all retirees that are age seventy or older and have been annuitants for at least five consecutive years as of July 1, 2011, and beneficiaries of deceased members who would have been at least seventy years of age or older and have been annuitants for at least five consecutive years as of July 1, 2011.

    (b) The one-time supplement provided in this section applies only to members who have retired at least five years prior to July 1, 2011, or, if applicable, to beneficiaries of deceased members who have been receiving benefits under the retirement system at least five years prior to July 1, 2011. The supplement provided by this section is subject to any applicable limitations thereon under Section 415 of the Internal Revenue Code of 1986, as amended.

    (c) However, the supplement provided by this section is not available to those retirees who received the one-time three percent to four and one-half percent supplement pursuant to section twenty-two-i of this article.

    CHAPTER 18. EDUCATION.

ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.

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

    (a) A one-time supplement to retirement benefits of three percent shall be provided to all retirees that are age seventy or older and have been annuitants for at least five consecutive years as of July 1, 2011, and beneficiaries of deceased members who would have been at least seventy years of age or older and have been annuitants for at least five consecutive years as of July 1, 2011.

    (b) The one-time supplement provided in this section applies only to members who have retired at least five years prior to July 1, 2011, or, if applicable, to beneficiaries of deceased members who have been receiving benefits under the retirement system at least five years prior to July 1, 2011. The supplement provided by this section is subject to any applicable limitations thereon under Section 415 of the Internal Revenue Code of 1986, as amended.

    (c) However, the supplement provided by this section is not available to those retirees who received the one-time three percent supplement pursuant to section twenty-six-t of this article.

 

 

 

    NOTE: The purpose of this bill is to provide a one-time supplement to retired teachers and public employees seventy years of age or older equal to three percent of their retirement benefits. The bill sets forth conditions to receive the supplement. The bill also provides that those retired public employees and teachers who received a similar one-time supplement in 2006 are not eligible to receive this supplement.

 

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

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