H. B. 2976
(By Mr. Speaker, Mr. Kiss and Delegates Michael,
Staton and Trump)
[Introduced March 22, 2001; 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-g,
relating to the public employees retirement system; providing
for a one-time supplement to the retirement benefit of certain
annuitants; and specifying eligibility criteria and setting
amounts therefor.
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-g, to
read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22g. One-time supplement for certain annuitants effective
July 1, 2001.
(a) A one-time supplement to retirement benefits shall be
provided to retirees of this system who have: (i) Reached the
specified age threshold; and (ii) have been in retirement status
for the specified number of years, as follows:
(1) For retirees who, as of the first day of July, two
thousand one, are at least sixty-five years of age and who have
been an annuitant for at least five consecutive years, this
one-time supplement shall equal five percent of his or her annuity
benefit as of the effective date of this section.
(2) For retirees who, as of the first day of July, two
thousand one, are at least seventy years of age and who have been
an annuitant for at least five consecutive years, this one-time
supplement shall equal ten percent of his or her annuity benefit as
of the effective date of this section.
(3) For any person who, as of the first day of July, two
thousand one, is at least sixty-five years of age and who retired
under the early retirement incentive provided in section
twenty-two-c of this article, this one-time supplement shall equal
three percent of his or her annuity benefit as of the effective
date of this section and subdivisions (1) and (2) of this subsection do not apply.
(b) The one-time supplement provided for in this section does
not apply to any person who retired on the sole basis of credited
service earned as an elected public official. For purposes of this
section, "elected public official" has the same meaning as that
provided in section twenty-two-f of this article.
(c) The one-time supplement provided for in this section
applies only to members who have retired prior to or as of the
effective date of this section, or, if applicable, to beneficiaries
receiving benefits under the retirement system prior to or as of
the effective date of this section: Provided, That the supplement
provided herein is subject to any applicable limitations thereon
under Section 415 of the Internal Revenue Code of 1986, as amended.
NOTE: The purpose of this bill is to provide a one-time
supplement to the retirement benefit of certain annuitants in the
Public Employees Retirement System, or their beneficiaries, as the
case may be.
This section is new; therefore, strike-throughs and
underscoring have been omitted.