H. B. 4118

(By Delegates R. Thompson,
Stephens, Hubbard and Perdue)
[Introduced January 22, 2002; referred to the
Committee on Pensions and Retirement then Finance.]

A BILL to amend article ten, chapter five of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section twenty-two-h; and to amend article seven-a, chapter eighteen of said code by adding thereto a new section, designated section twenty-six-t, all relating to the public employees retirement system and the 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 ten, chapter five 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-two-h; and that article seven-a, chapter eighteen of said code be amended by adding thereto a new section, designated section twenty-six-t, all to read as follows:

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.

§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 Public Employees Retirement System and the Teachers Retirement System who are over the age of 65 years a one-time supplement.

This section is new; therefore, strike-throughs and