Senate Bill No. 368
(By Senators Unger, Prezioso, Love, Jenkins and Smith)
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[Introduced January 27, 2003; referred to the Committee on
Pensions; and then to the Committee on Finance.]
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A BILL to amend and reenact section six, article two-a, chapter
fifteen of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to lowering the
retirement age for state troopers with twenty years of service
from the age of fifty-five to the age of fifty.
Be it enacted by the Legislature of West Virginia:
That section six, article two-a, chapter fifteen of the code
of West Virginia, one thousand nine hundred thirty-one, as amended,
be amended and reenacted to read as follows:
ARTICLE 2A. WEST VIRGINIA STATE POLICE RETIREMENT SYSTEM.
§15-2A-6. Retirement; commencement of benefits.
A member may retire with full benefits upon attaining the age
of fifty-five fifty and completing twenty or more years of
service, by lodging with the consolidated public retirement board
his or her voluntary petition in writing for retirement. A member who is less than age fifty-five fifty may retire upon completing
twenty years or more of service: Provided,
That he or she will
receive a reduced benefit that is of equal actuarial value to the
benefit the member would have received if the member deferred
commencement of his or her accrued retirement benefit to the age of
fifty-five fifty.
When the retirement board retires a member with full benefits
under the provisions of this section, the board, by order in
writing, shall make a determination that the member is entitled to
receive on annuity equal to two and three-fourths percent of his or
her final average salary multiplied by the number of years, and
fraction of a year, of his or her service in the division at the
time of retirement.
In no event may the provisions of section thirteen, article
sixteen, chapter five be applied in determining eligibility to
retire with either a deferred or immediate commencement of benefit.
NOTE: The purpose of this bill is to lower the retirement age
with which a state trooper may retire with twenty years of service
from 55 to 50.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.