H. B. 2385
(By Delegates Marshall, Hatfield, Moore,
Longstreth, Perry, Wells and Spencer)
[Introduced February 13, 2009; 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, 2009.
(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, 2009.
(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.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.