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Introduced Version House Bill 2051 History

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hb2051 intr
H. B. 2051


(By Delegate Fragale)
[Introduced February 9, 2005; referred to the
Committee on Pensions and Retirement then Finance.]




A BILL to amend and reenact §5-10-22 of the code of West Virginia, 1931, as amended, relating to retirement annuity of public employees and retirants; and increasing the multiplier.

Be it enacted by the Legislature of West Virginia:
That §5-10-22
of the code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22. Retirement annuity.
Upon a member's retirement, as provided in this article, he or she shall receive a straight life annuity equal to one and five-tenths percent of his or her final average salary multiplied by the number of years, and fraction of a year, of his or her credited service in force at the time of his or her retirement. The credited service used for this calculation may not include any period of limited credited service: Provided, That after March one, one thousand nine hundred seventy, all members retired and all members retiring shall receive a straight life annuity equal to two percent of his or her final average salary multiplied by the number of years, and fraction of a year, of his or her credited service, exclusive of limited credited service in force at the time of his or her retirement. After the first day of July, two thousand five, all members retiring shall receive a straight life annuity equal to two and one-half percent of his or her final average salary multiplied by the number of years, and fraction of a year, of his or her credited service in force at the time of his or her retirement. In either any event, upon his or her retirement he or she has the right to elect an option provided for in section twenty-four of this article. All annuity payments shall commence effective the first of the month following the month in which a member retires or a member dies leaving a beneficiary entitled to benefits and shall continue to the end of the month in which the retirant or beneficiary dies, and the annuity payments may not be prorated for any portion of a month in which a member retires or retirant or beneficiary dies. Any member receiving an annuity based in part upon limited credited service is not eligible for the supplements provided for in sections twenty-two-a through twenty-two-d, inclusive, of this article.
The annuity of any member of the Legislature who participates in the retirement system as a member of the Legislature and who retires under this article or of any former member of the Legislature who has retired under this article (including any former member of the Legislature who has retired under this article and whose annuity was readjusted as of the first day of March, one thousand nine hundred seventy, under the former provisions of this section) shall be increased from time to time during the period of his or her retirement when and if the legislative compensation paid under section two, article two-a, chapter four of this code to a member of the Legislature shall be increased to the point where a higher annuity would be payable to the retirant if he or she were retiring as of the effective date of the latest increase in such legislative compensation, but on the basis of his or her years of credited service to the date of his or her actual retirement.

NOTE: The purpose of this bill is to increase the multiplier for a retirement annuity in the public employees retirement system from 2 to 2.5.

This bill also deletes language declared improper by the Supreme Court of Appeals.

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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