H. B. 4032
(By Delegates Smirl and Hubbard)
[Introduced January 14, 2002; 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-t, relating to the state teachers retirement system
and providing a one-time supplement for certain annuitants
over the age of sixty-five years.
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-t, to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26t. One-time supplement for certain annuitants effective July 1, 2002.
(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: For retirees who,
as of the first day of July, two thousand two, 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;
(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 give certain annuitants
of the State Teachers Retirement System who are over the age of 65 years a one-time supplement. This is an additional 5% over the
supplement in §18-7A-26s passed in the 2001 1st Extraordinary
Session of the Legislature.
This section is new; therefore, strike-throughs and
underscoring have been omitted.