House Bill 2159 History
H. B. 2159
(By Delegates Browning, Perry and Staton)
[Introduced February 10, 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 the first
day of March,
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-quarter 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.
event, upon his or
her retirement he or she has the right to elect an option provided
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
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 2.25 percent.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would