Introduced Version
Senate Bill 27 History
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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 27
(By Senator Rowe and Oliverio)
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[Introduced January 14, 2004; referred to the Committee on
Pensions; and then to the Committee on Finance.]
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A BILL to amend and reenact §18-7A-26r of the code of West
Virginia, 1931, as amended, relating to reducing retired
teachers' service time to qualify for a pension increase from
twenty years to fifteen years.
Be it enacted by the Legislature of West Virginia:
That §18-7A-26r
of the code of West Virginia, 1931, as
amended, be amended and reenacted to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26r. Minimum benefit for certain retired members;
legislative declaration; state interest and public
purpose.
The Legislature hereby finds and declares that an important
state interest exists in providing a minimum retirement annuity for
certain retired members who are credited with twenty fifteen or
more years of total service; that such the program constitutes a public purpose; and that the exclusion of total service for certain
employees of institutions of higher education is a reasonable and
equitable exclusion for purposes of determining eligibility for
such the minimum benefits.
If the retirement annuity of a retired member (or if
applicable, a spouse thereof) with at least twenty fifteen years of
total service is less than five hundred dollars per month
(including any supplemental or additional benefits provided by this
article), then the monthly retirement annuity for any such the
retired member shall be increased to five hundred dollars per
month: Provided, That any year of service while an employee of an
institution of higher education shall may not be taken into account
for purposes of this section if his or her salary is capped under
the retirement system at four thousand eight hundred dollars per
year pursuant to section fourteen-a of this article.
The payment of any minimum benefit under this section shall be
in lieu of, and not in addition to, the payments of any retirement
annuity or supplemental or additional benefits otherwise provided
by this article: Provided, That the minimum benefit provided
herein shall be subject to any limitations thereon under §415 of
the Internal Revenue Code of 1986, as the same may be amended.
Any minimum benefit conferred herein shall may not be
retroactive to the time of retirement and shall apply only to
members who have retired prior to the effective date of this section, or, if applicable, to beneficiaries receiving benefits
under the retirement system prior to the effective date.
The minimum benefit provided herein shall be subject to a
recommendation by the governor for such the minimum benefit through
the delivery of an executive message to the Legislature and an
appropriation by the Legislature for such minimum benefit, such the
appropriation to be made over a continuous six-year period
following the effective date of this section.
NOTE: The purpose of this bill is to reduce the teachers
retirement service time to qualify for a pension increase from
twenty years to fifteen years.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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