H. B. 2410
(By Delegates Perry, Shaver, Moore, Klempa,
Smith, Lawrence, Ennis, Pethtel and Stowers)
[Introduced February 16, 2009; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §5-10-22k; and to
amend said code by adding thereto a new section, designated
§18-7A-26v, all relating to providing a one-time bonus payable
in July of every year starting in 2009 for retired public
school teachers and state retirees.
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 §5-10-22k; and that
said code by amended by adding thereto a new section, designated
§18-7A-26v, 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.
§5-10-22k. One-time bonus payment for certain annuitants effective
July 1, 2009.
(a) As an additional bonus payment to other retirement
allowances provided, a one-time bonus payment to retirement
benefits shall be paid to retirants of the system as provided in
subsection (b) of this section. The one-time bonus payment shall
be paid in July of each year starting in 2009.
(b) The one-time bonus payment provided in this section
applies to any retirant who had retired pursuant to this article or
any applicable predecessor of this article. Those retirants who
had retired before 1960 shall receive a one-time bonus payment of
$300. Those retirants who had retired between the years 1960 and
1980 shall receive a one-time bonus payment of $150. Those
retirants who had retired after the year 1980 shall receive a
one-time bonus of $100. This one-time bonus payment is subject to
any applicable limitations under section 415 of the Internal
Revenue Code of 1986, as amended.
(c) The one-time bonus payment provided by this section shall
be payable pro rata to any beneficiaries of a qualifying retirant
who currently receive an annuity or other benefit payable by the
retirement system.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26v. One-time bonus payment for certain annuitants effective July 1, 2009.
(a) As an additional bonus payment to other retirement
allowances provided, a one-time bonus payment to retirement
benefits shall be paid to retirants of the retirement system as
provided in subsection (b) of this section. The one-time bonus
shall be paid in July of each year, starting in 2009.
(b) The one-time bonus payment provided in this section
applies to any retirant who had retired pursuant to this article or
any applicable predecessor of this article. Those retirants who
had retired before 1960 shall receive a one-time bonus payment of
$300. Those retirants who had retired between the years 1960 and
1980 shall receive a one-time bonus payment of $150. Those
retirants who had retired after the year 1980 shall receive a
one-time bonus of $100. This one-time bonus payment is subject to
any applicable limitations under section 415 of the Internal
Revenue Code of 1986, as amended.
(c) The one-time bonus payment provided by this section shall
be payable pro rata to any beneficiaries of a qualifying retirant
who currently receive an annuity or other benefit payable by the
retirement system.
NOTE: The purpose of this bill is to provide a one-time bonus
payable in July of every year starting in 2009 for retired public
school teachers and state retirees.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.