Senate Bill No. 53
(By Senators Foster, White and Chafin)
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[Introduced January 13, 2010; 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 §5-10-22k; and to
amend said code by adding thereto a new section, designated
§18-7A-26v, all relating to providing one-time three percent
supplement to all public employee and teacher annuitants when
reaching the age of seventy.
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 be 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 supplement for all annuitants when they reach
the age of seventy.
(a) A supplement to retirement benefits of three percent shall
be provided to all retirees when they reach age seventy and
beneficiaries of deceased members when they would have reached
seventy years of age.
(b) The supplement provided in this section applies only to
members when they have reached the age of seventy, if applicable,
to beneficiaries of deceased members who have been receiving
benefits under the retirement system prior to the effective date of
this section. However, the supplement provided herein is subject
to any applicable limitations thereon under Section 415 of the
Internal Revenue Code of 1986, as amended.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26v. One-time supplement for all annuitants when they
reach the age of seventy.
(a) A supplement to retirement benefits of three percent shall
be provided to all retirees when they reach age seventy and
beneficiaries of deceased members when they would have reached
seventy years of age.
(b) The supplement provided in this section applies only to
members when they have reached the age of seventy, if applicable, to beneficiaries of deceased members who have been receiving
benefits under the retirement system prior to the effective date of
this section: However, 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 for a supplement
of three percent to be paid to all annuitants of the Public
Employees' Retirement and Teachers' Retirement Systems at the time
they reach the age of seventy.
These sections are new; therefore, strike-throughs and
underscoring have been omitted.