H. B. 3047

(By Mr. Speaker, Mr. Kiss, and

Delegate Staton)


[Introduced March 28, 2001; Referred to the

Committee on Pensions and Retirement then Finance.]
A BILL to amend article seven-a, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section twenty-six-s, relating to the state teachers retirement system; providing for a one-time supplement to the retirement benefit of certain annuitants; and specifying eligibility criteria and setting amount therefor.

Be it enacted by the Legislature of West Virginia:
That article seven-a, chapter eighteen 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- six-s, to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.

§18-7A-26s. Supplemental benefits for certain teachers who retired prior to July 1, 1996.

(a) A one-time supplement to retirement benefits shall be provided to retirees of this system 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 five percent of his or her annuity benefit as of the effective date of this section.
(b) 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 Teachers Retirement System, or their beneficiaries, as the case may be.

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