Senate Bill No. 586
(By Senators Bowman, Dempsey, Minard, Jenkins, Hunter and Unger)
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[Introduced March 18, 2005; 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 §5-10-22h; 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 systems 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 §5-10-22h
; 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.
§5-10-22h. One-time supplement for certain annuitants.
(a) On the first day of December, 2005,
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 five, who have
been an annuitant for at least ten years, this one-time supplement
shall equal four hundred dollars;
(b) On the first day of December, 2005, 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 five,
who have been an annuitant for at least five years and not more
than ten years, this one-time supplement shall equal two 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, 2005
, 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 five, who have
been an annuitant for at least ten years, this one-time supplement
shall equal four hundred dollars;
(b) On the first day of December, 2005
, 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 five,
who have been an annuitant for at least five years and not more
than ten years, this one-time supplement shall equal two 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.
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