H. B. 4590
(By Delegate Campbell)
[Introduced February 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,
relating to providing a one-time supplement to certain public
employee retirement system annuitants.
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, to
read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22h.
One-time supplement for certain annuitants effective
the first day of July, two thousand two.
(a) A one-time supplement to retirement benefits shall be
provided to certain retirees of this system who have: (i)
Met the
specified age requirements; and (ii) have been in retirement status
for the specified number of years, as follows:
(1) For retirees who, as of the first day of July, two
thousand two, are under sixty-five years of age, who have been
granted disability retirement as provided in section twenty-five of
this article, 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.
(2) 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 does
not apply to any person who retired on the sole basis of credited
service earned as an elected public official. For purposes of this
section, "elected public official" has the same meaning as that
provided in section twenty-two-f of this article.
(c) The one-time supplement provided 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,
regardless of age, 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,
as amended.
NOTE: The purpose of this bill is to provide a one-time
supplement to the retirement benefit of certain annuitants in the
Public Employees Retirement System, or their beneficiaries, as the
case may be.
This section is new; therefore, strike-throughs and
underscoring have been omitted.
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