Senate Bill No. 652
(By Senators Snyder, Chafin, Hunger, Ball, Minard, Fanning,
Kessler, Ross, Mitchell, Redd, Love, Unger, Boley and Dittmar)
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[Introduced February 22, 1999;
referred to the Committee on Pensions; and then to the
Committee on Finance.]
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A BILL to amend and reenact section thirteen, article seven-b,
chapter eighteen of the code of West Virginia, one thousand
nine hundred thirty-one, as amended, relating to creating a
minimum amount for annuity payments of retired teachers.
Be it enacted by the Legislature of West Virginia:
That section thirteen, article seven-b, chapter eighteen of
the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
ARTICLE 7B. TEACHERS' DEFINED CONTRIBUTION RETIREMENT SYSTEM.
§18-7B-13. Amount of annuity payments.
(a) The amount of annuity payments a retired member shall
receive shall be based solely upon the balance in the member's annuity account at the date of retirement, the retirement option
selected, or in the event of an annuity option being selected,
the actuarial life expectancy of the member, and such other
factors as normally govern annuity payments: Provided, That each
retired member shall receive a minimum payment of five hundred
dollars per month irrespective of the above mentioned factors.
(b) The board, or its designee, is authorized upon
retirement of a member, with the approval of that member, to
purchase an annuity with the balance of the member's account.
Upon delivery of the annuity to the member upon his or her
retirement, the member shall execute a release surrendering any
claim the member may have against the retirement trust.
NOTE: The purpose of this bill is to establish a five
hundred dollar minimum monthly annuity payment for retired
teachers irrespective of other factors that normally control the
amount of the annuity payment.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.
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