Senate Bill No. 674
(By Senators Snyder, Hunter, Redd, Mitchell and Ball)
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[Introduced February 22, 1999; referred to the Committee on Pensions; and then to the Committee on Finance.]
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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- four-a, relating to establishing a minimum monthly annuity payment under the public employees retirement system.

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-four-a, to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-24a. Minimum monthly annuity payment.
Notwithstanding any other provision of this article, the minimum monthly annuity payment for a member who elects to receive his or her annuity as a straight life annuity payable throughout his or her life is five hundred dollars. The five hundred dollar minimum monthly annuity payment for a member who elects to receive his or her annuity under option A or B of section twenty-four of this article, shall be adjusted to reflect an appropriate reduction based on the option the member selects.

NOTE: The purpose of this bill is to establish a minimum monthly annuity payment under the Public Employees Retirement System.

This section is new; therefore, strike-throughs and underscoring have been omitted.