H. B. 4584
(By Delegate Gillespie)
[Introduced February 26, 1998; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend article ten, chapter five of the code of West
Virginia, one thousand nine hundred thirty-one, as amended,
by adding thereto a new section, designated section twenty- two-f, relating to the West Virginia public employees
retirement system; providing for a supplemental benefit
every three years; and providing that the board of trustees
may raise or lower the supplemental benefit upon review of
the status of the retirement system, the rate of inflation
and other relevant information.
Be it enacted by the Legislature of West Virginia:
That article ten, chapter five of the code of West Virginia,
one thousand nine hundred thirty-one, as amended, be amended by
adding thereto a new section, designated section twenty-two-f, to
read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22f. Supplemental benefits for certain annuitants.
(a) In addition to any other supplemental benefits paid
under the provisions of this article, on the first day of July,
one thousand nine hundred ninety-eight, and henceforth every
three years from that date, annuitants shall receive a
supplemental benefit, to be calculated as follows:
(1) Any annuitant retired for a period of fifteen years or
longer shall receive a supplemental benefit equal to two and one
half percent of his or her current retirement annuity;
(2) Any annuitant retired for a period of ten years or more,
but less than fifteen years, shall receive a supplemental benefit
equal to one and one-half percent of his or her current
retirement annuity; and
(3) Any annuitant retired for a period of five years or
more, but less than ten years, shall receive a supplemental
benefit equal to one percent of his or her current retirement
annuity.
(b) After the initial supplemental benefit is paid out on
the first day of July, one thousand nine hundred ninety-eight,
the board shall thereafter meet every three years prior to a
supplemental benefit being paid out under this section, and shall
review the financial status of the retirement system, the state
inflation rate over the previous three years and other relevant
information. Upon the basis of this review, the board may increase or decrease the supplemental benefit paid out pursuant
to this section by an amount not to exceed one half of one
percent per three-year period.
NOTE: The purpose of this bill is to provide a supplemental
benefit every three years to annuitants of the West Virginia
Public Employees Retirement System.
This section is new; therefore, strike-throughs and
underscoring have been omitted.