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Introduced Version House Bill 2376 History

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H. B. 2376

 

         (By Delegates Marshall, Hatfield, Moore, Perry

                      and Wells)


         [Introduced January 7, 2011; 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 the Public Employees Retirement System and the Teachers Retirement System; and providing a one-time supplement for annuitants and survivor beneficiaries after being retired five consecutive 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 §5-10-22k; and that said code be amended 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 annuitants and survivor beneficiaries after being retired five consecutive years effective July 1, 2010.

    (a) As an additional supplement to other retirement allowances provided, a one-time supplement to retirement benefits shall be provided to retirees of this system who have been retired five consecutive years. This one-time supplement shall equal five percent of his or her annuity benefit up to $30,000.

    (b) A one-time supplement to retirement benefits shall be provided to survivor beneficiaries receiving benefits prior to the passage of this section.

    (c) The one-time supplement provided in this section applies to members after having been retired five consecutive years and to survivor beneficiaries receiving benefits prior to the passage of this section. This supplement will remain as part of the annuitants future benefits. This supplement is subject to any applicable limitations under Section 415 of the Internal Revenue Code of 1986, as amended.

CHAPTER 18. EDUCATION.

ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.

§18-7A-26v. One-time supplement for annuitants and survivor beneficiaries after being retired five consecutive years effective July 1, 2010.

    (a) As an additional supplement to other retirement allowances provided, a one-time supplement to retirement benefits shall be provided to retirees of this system who have been retired five consecutive years. This one-time supplement shall equal five percent of his or her annuity benefit up to $30,000.

    (b) A one-time supplement to retirement benefits shall be provided to survivor beneficiaries receiving benefits prior to the passage of this section.

    (c) The one-time supplement provided in this section applies to members after having been retired five consecutive years and to survivor beneficiaries receiving benefits prior to the passage of this section. This supplement will remain as part of the annuitants future benefits. This supplement is subject to any applicable limitations under Section 415 of the Internal Revenue Code of 1986, as amended.

 

 

    NOTE: The purpose of this bill is to provide a one-time supplement for annuitants and survivor beneficiaries after being retired five consecutive years.

 

    These sections are new; therefore, they has been completely underscored.

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