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Introduced Version House Bill 4395 History

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H. B. 4395

 

         (By Delegates Swartzmiller and D. Poling)

         [Introduced February 2, 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 §7-14D-12a, relating to providing a one-time supplement for certain annuitants and survivor beneficiaries after being retired at least three 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 §7-14D-12a, to read as follows:

ARTICLE 14D. DEPUTY SHERIFF RETIREMENT SYSTEM ACT.

§7-14D-12a. One-time supplement for certain annuitants effective July 1, 2012.

    (a) A one-time supplement to retirement benefits is provided to all retirees that have been annuitants at least three consecutive years but less than five consecutive years as of the effective date of this section and beneficiaries of deceased members who have been annuitants for at least three consecutive years but less than five consecutive years as of the effective date

of this section. This one-time supplement shall equal two percent of his or her monthly annuity benefit.

    (b) A one-time supplement to retirement benefits is provided to all retirees that have been annuitants for at least five or more consecutive years as of the effective date of this section and beneficiaries of deceased members who have been annuitants for at least five or more consecutive years as of the effective date of this section. This one-time supplement shall equal four percent of his or her monthly annuity benefit.

    © The one-time supplement provided in this section applies to all retirees that have been annuitants for at least three consecutive years but less than five consecutive years as of the effective date of this section and beneficiaries of deceased members who have been receiving benefits under the retirement system for at least three consecutive years but less than five consecutive years as of the effective date of this section, and to all retirees that have been annuitants for at least five or more consecutive years as of the effective date of this section and beneficiaries of deceased members who have been receiving benefits under the retirement system for at least five or more consecutive years as of the effective date of this section. Beneficiaries eligibility will be based upon the original retirement date of the deceased member. This supplement applies to all eligible regular retirees, eligible disability retirees and their eligible beneficiaries. This supplement shall remain as part of the annuitants future benefits: Provided, That the supplement provided in 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 a one-time supplement for certain annuitants and survivor beneficiaries after being retired at least three consecutive years.


    §7-14D-12 is new; therefore it has been completely underscored.

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