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Introduced Version Senate Bill 586 History

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sb586 intr
Senate Bill No. 586

(By Senators Bowman, Dempsey, Minard, Jenkins, Hunter and Unger)

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[Introduced March 18, 2005; 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 §5-10-22h; 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; providing a one-time supplement for certain annuitants who have been members of the retirement systems for more than ten years and to retirants who have been members for five to ten years; and exempting the one-time supplement from West Virginia taxes.

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.

(a) On the first day of December, 2005,
a one-time supplement to retirement benefits shall be provided to retirees of this system who have been in retirement status for ten years. For retirees who, as of the first day of September, two thousand five, who have been an annuitant for at least ten years, this one-time supplement shall equal four hundred dollars;
(b) On the first day of December, 2005, a one-time supplement to retirement benefits shall be provided to retirees of this system
who have been in retirement status for five to ten years. For retirees who, as of the first day of September, two thousand five, who have been an annuitant for at least five years and not more than ten years, this one-time supplement shall equal two hundred dollars.
(c) The supplement provided herein is not subject to West Virginia tax pursuant to article twenty-one, chapter eleven of this code.
CHAPTER 18. EDUCATION.

ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26t. One-time supplement for certain annuitants.

(a) On the first day of December, 2005
, a one-time supplement to retirement benefits shall be provided to retirees of this system who have been in retirement status for ten years. For retirees who, as of the first day of September, two thousand five, who have been an annuitant for at least ten years, this one-time supplement shall equal four hundred dollars;
(b) On the first day of December, 2005
, a one-time supplement to retirement benefits shall be provided to retirees of this system who have been in retirement status for five to ten years. For retirees who, as of the first day of September, two thousand five, who have been an annuitant for at least five years and not more than ten years, this one-time supplement shall equal two hundred dollars.
(c) The supplement provided herein is not subject to West Virginia tax pursuant to article twenty-one, chapter eleven of this code.


NOTE: The purpose of this bill is to give certain annuitants of the Public Employees Retirement System and the Teachers Retirement System a one-time supplement to be exempt from West Virginia taxes.

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



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