Senate Bill No. 125
(By Senators Hunter and Prezioso)
____________
[Introduced January 13, 2003; referred to the Committee on
Pensions; and then to the Committee on 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-h,
relating to providing a one-time supplement for certain
annuitants of the West Virginia public employees retirement
act who retired with a disability.
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-h, to
read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22h. One-time supplement for certain annuitants effective
July 1, 2003.
(a) A one-time supplement to retirement benefits shall be provided to retirees of this system who have: (i) Reached the
specified age threshold; (ii) have been in retirement status for
the specified number of years; and (iii) who retired pursuant to
the provisions of section twenty-five of this article, 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; and
(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
applies only to members who have retired pursuant to the provisions
of section twenty-five of this article 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 for annuitants of the West Virginia public employees
retirement act who retired with a disability.
This section is new; therefore, strike-throughs and
underscoring have been omitted.