H. B. 2055
(By Delegate Rick Thompson)
[Introduced February 9, 2005; 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 §5-10-22h; and to
said code by adding thereto a new section, designated
§18-7A-26t
, all relating to the public employees retirement
system and the teachers retirement system; and providing a
one-time supplement for certain annuitants over the age of
sixty-five years.
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 §5-10-22h
; and that
said code be amended by adding thereto a new section, designated
§18-7A-26t
, 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.
§5-10-22h. One-time supplement for certain annuitants effective
July 1, 2003.
(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: For retirees who,
as of the first day of July, two thousand five, 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;
(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.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26t. One-time supplement for certain annuitants effective
July 1, 2005.
(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: For retirees who,
as of the first day of July, two thousand five, 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;
(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 give certain annuitants
of the Public Employees Retirement System and the Teachers
Retirement System who are over the age of 65 years a one-time
supplement.
This section is new; therefore, strike-throughs and
underscoring have been omitted.