Senate Bill No. 163

(By Senators Foster, Plymale, Jenkins and Klempa)

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[Introduced January 12, 2012; referred to the Committee on Pensions; and then to the Committee on Finance.]

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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 one-time supplements to all annuitants of the Public Employees Retirement System and Teachers Retirement System.

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. One-time supplement for all annuitants.

    (a) A supplement to 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 supplement shall be calculated by multiplying the number of years of credited service used in calculating the retiree’s annuity by $24.

    (c) The supplement 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 supplement 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. One-time supplement for all annuitants.

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

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

    (c) The supplement 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 supplement 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 a supplement 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, strike-throughs and underscoring have been omitted.