Senate Bill No. 385
(By Senators Foster, White, Minard, Kessler, Plymale and Chafin)
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[Introduced February 26, 2009; 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 supplements
to all annuitants when they reach 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.