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Introduced Version House Bill 2659 History

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hb2659 intr
H. B. 2659


(By Delegate Stalnaker)
[Introduced February 24, 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 amend 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 under 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, 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 two, were under sixty-five years of age and who have been an annuitant for at least five consecutive years (calendar year 1999 to calendar year 2004), this one-time supplement shall equal five percent of his or her annuity benefit up to thirty thousand dollars 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 two, were under 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 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 60 years a one-time supplement.

These sections are new; therefore, strike-throughs and underscoring have been omitted.

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