Senate
House
Joint
Bill Status
WV Code
Audits/ Reports
Educational
Contact
home
home

Introduced Version House Bill 4339 History

DOWNLOAD  wpd  |  Email


ole.gif

H. B. 4339

 

(By Delegates Boggs, Fragale, Guthrie, Manchin,

               Moore, Moye, Pethtel, Poore, Stephens,

                         Duke and Sumner)


       [Introduced January 30, 2012; 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 §5-10-22l; and to amend said code by adding thereto a new section, designated §18-7A-26w, all relating to providing an increase to all annuitants of the Public Employees Retirement and Teachers Retirement Systems.

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 §5-10-22l; and that said code be amended by adding thereto a new section, designated §18-7A-26w, 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.

§5-10-22l. Increase in retirement base for all annuitants.

    (a) An increase in retirement benefits using the calculations provided in subsection (b) of this section shall be provided to all retirees and beneficiaries of deceased members, effective July 1, 2012.

    (b) The increase shall be calculated by multiplying the number of years of credited service used in calculating the retiree’s annuity by $24.

    (c) The increase provided in this section applies to all retirees, if applicable, to beneficiaries of deceased members who have been receiving benefits under the retirement system prior to the effective date of this section. The increase provided by this section 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-26w. Increase in retirement base for all annuitants.

    (a) An increase in retirement benefits using the listed calculations shall be provided to all retirees and beneficiaries of deceased members, effective July 1, 2012.

    (b) The increase shall be calculated by multiplying the number of years of credited service used in calculating the retiree’s annuity by $24.

    (c) The increase provided in this section applies to all retirees, if applicable, to beneficiaries of deceased members who have been receiving benefits under the retirement system prior to the effective date of this section. The increase provided by this section 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 an increase of calculated value to be paid to all annuitants of the Public Employees Retirement and Teachers Retirement Systems effective July 1, 2012.


    All sections in this bill are new; therefore, they have been completely underscored.

This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.  |  Terms of Use  |   Web Administrator   |   © 2014 West Virginia Legislature **