Senate Bill No. 618
(By Senators Bowman, McKenzie, Rowe, Sprouse, Kessler, Minear,
Unger, Anderson, Minard, Mitchell, Hunter, Caldwell, Redd,
Fanning, Helmick, McCabe, Snyder, Sharpe, Facemyer, Boley,
Oliverio and Deem)
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[Introduced February 18, 2002; referred to the Committee
on Pensions; and then to the Committee on Finance.]
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A BILL to amend and reenact section twenty-six-s, article seven-a,
chapter eighteen of the code of West Virginia, one thousand
nine hundred thirty-one, as amended, relating to increasing
the retirement supplement for teachers who have taken early
retirement and have reached sixty-five years of age from three
percent to five percent.
Be it enacted by the Legislature of West Virginia:
That section twenty-six-s, article seven-a, chapter eighteen
of the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26s. One-time supplement for certain annuitants effective July 1, 2001.
(a) A one-time supplement to retirement benefits shall be
provided to retirees of this system who have: (i) Reached the
specified age threshold; and (ii) have been in retirement status
for the specified number of years, as follows:
(1) For retirees who, as of the first day of July, two
thousand one, are at least sixty-five years of age and who have
been an annuitant for at least five consecutive years, this
one-time supplement shall equal five percent of his or her annuity
benefit as of the effective date of this section;
(2) For retirees who, as of the first day of July, two
thousand one, are at least seventy years of age and who have been
an annuitant for at least five consecutive years, this one-time
supplement shall equal ten percent of his or her annuity benefit as
of the effective date of this section; and
(3) For any person who, as of the first day of July, two
thousand one, is at least sixty-five years of age and who retired
under the early retirement incentive provided in section
thirty-five-b of this article, this one-time supplement shall equal
three five percent of his or her annuity benefit as of the
effective date of this section and subdivisions (1) and (2) of this
subsection do not apply:
Provided, That if the retiree has
received a one-time supplement of three percent provided for in
this subsection effective the first day of July, two thousand one, the retiree shall receive an additional supplement that equals two
percent of his or her annuity benefit equaling a total supplement
of five percent of his or her annuity benefit.
(b) The one-time supplement provided for in this section
applies only to members who have retired prior to or as of the
effective date of this section or, if applicable, to beneficiaries
receiving benefits under the retirement system prior to or as of
the effective date of this section:
Provided, That the supplement
provided herein is subject to any applicable limitations thereon
under Section 415 of the Internal Revenue Code of 1986, as amended.
NOTE: The purpose of this bill is to increase the one-time
supplement for teachers who have taken early retirement and who
have reached the age of 65 from 3 percent to 5 percent; and
allowing an additional supplement for retirees who have received
the 3 percent supplement so that their supplement equals 5 percent
of their annuity benefit.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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