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Introduced Version House Bill 4032 History

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Key: Green = existing Code. Red = new code to be enacted


H. B. 4032


(By Delegates Smirl and Hubbard)

[Introduced January 14, 2002; referred to the

Committee on Pensions and Retirement then Finance.]





A BILL to amend article seven-a, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section twenty-six-t, relating to the state teachers retirement system and providing a one-time supplement for certain annuitants over the age of sixty-five years.

Be it enacted by the Legislature of West Virginia:
That article seven-a, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section twenty-six-t, to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.

§18-7A-26t. One-time supplement for certain annuitants effective July 1, 2002.

(a) A one-time supplement to retirement benefits shall be provided to retirees of this system who have: (i) Reached the specified age threshold; and (ii) have been in retirement status for the specified number of years, as follows: For retirees who, as of the first day of July, two thousand two, are at least sixty-five years of age and who have been an annuitant for at least five consecutive years, this one-time supplement shall equal five percent of his or her annuity benefit as of the effective date of this section;
(b) The one-time supplement provided for in this section applies only to members who have retired prior to or as of the effective date of this section or, if applicable, to beneficiaries receiving benefits under the retirement system prior to or as of the effective date of this section: Provided, That 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 give certain annuitants of the State Teachers Retirement System who are over the age of 65 years a one-time supplement. This is an additional 5% over the supplement in §18-7A-26s passed in the 2001 1st Extraordinary Session of the Legislature.

This section is new; therefore, strike-throughs and underscoring have been omitted.

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