Senate Bill No. 225
(By Senators Bowman, Minard, Unger, Jenkins, Hunter and Dempsey)
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[Introduced January 20, 2006; referred to the Committee
on Pensions; and then to the Committee on Finance.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §5-10-22i; and to
amend said code by adding thereto a new section, designated
§18-7A-26t
, all relating to the Public Employees Retirement
System and the Teachers Retirement System; providing a
one-time supplement for certain annuitants who have been
members of the retirement system for more than ten years and
to retirants who have been members for five to ten years;
and exempting the one-time supplement from West Virginia
taxes.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §5-10-22i; and that
said code be amended by adding thereto a new section, designated
§18-7A-26t
, all to read as follows:
CHAPTER 5. GENERAL POWERS AND AUTHORITY OF THE GOVERNOR,
SECRETARY OF STATE AND ATTORNEY GENERAL; BOARD
OF PUBLIC WORKS; MISCELLANEOUS AGENCIES, COMMISSIONS,
OFFICES, PROGRAMS, ETC.
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22i. One-time supplement for certain annuitants.
(a) On the first day of December, two thousand six
,
a
one-time supplement to retirement benefits shall be provided to
retirees of this system who have been in retirement status for
ten years. For retirees who, as of the first day of September,
two thousand six, who have been an annuitant for at least ten
years, this one-time supplement shall equal five hundred dollars;
(b) On the first day of December, two thousand six
, a
one-time supplement to retirement benefits shall be provided to
retirees of this system
who have been in retirement status for
five to ten years.
For retirees who, as of the first day of
September, two thousand six, who have been an annuitant for at
least five years and not more than ten years, this one-time
supplement shall equal four hundred dollars.
(c) The supplement provided herein is not subject to West
Virginia tax pursuant to article twenty-one, chapter eleven of
this code.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26t. One-time supplement for certain annuitants.
(a) On the first day of December, two thousand six
, a
one-time supplement to retirement benefits shall be provided to
retirees of this system
who have been in retirement status for
ten years.
For retirees who, as of the first day of September,
two thousand six, who have been an annuitant for at least ten
years, this one-time supplement shall equal five hundred dollars;
(b) On the first day of December, two thousand six
, a
one-time supplement to retirement benefits shall be provided to
retirees of this system
who have been in retirement status for
five to ten years.
For retirees who, as of the first day of
September, two thousand six, who have been an annuitant for at
least five years and not more than ten years, this one-time
supplement shall equal four hundred dollars.
(c) The supplement provided herein is not subject to West
Virginia tax pursuant to article twenty-one, chapter eleven of
this code.
NOTE: The purpose of this bill is to give certain
annuitants of the Public Employees Retirement System and the
Teachers Retirement System a one-time supplement to be exempt
from West Virginia taxes.
These sections are new; therefore, strike-throughs and
underscoring have been omitted.