WEST virginia legislature

2017 regular session

Introduced

Senate Bill 508

By Senators Romano, Facemire, Jeffries, Miller, Ojeda and Stollings

[Introduced March 3, 2017; Referred
to the Committee on Pensions; and then to the Committee on Finance]

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §5-10-22l; and to amend said code by adding thereto a new section, designated §18-7A-26w, all relating to a $1,000 cost-of-living adjustment to certain retirees of the Public Employees Retirement System and the State Teachers Retirement System by June 30, 2018; and providing for the pro rata distribution of the cost-of-living adjustment to certain beneficiaries.

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 §5-10-22l; and that said code be amended by adding thereto a new section, designated §18-7A-26w, 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.

§5-10-22l.  Cost-of-living adjustments for certain annuitants effective on or before June 30, 2018.

(a) As an additional cost-of-living adjustment to other retirement allowances provided, a cost-of-living adjustment to retirement benefits shall be paid to retirees of the system as provided in subsection (b) of this section.  The cost-of-living adjustment shall equal $1,000 and shall be paid in full by June 30, 2018.

(b) The cost-of-living adjustment provided by this section applies to any retiree who currently receives an annual retirement annuity.  This cost-of-living adjustment is subject to any applicable limitations under section 415 of the Internal Revenue Code of 1986, as amended.

(c) The cost-of-living adjustment provided by this section shall be payable pro rata to any beneficiaries of a qualifying retiree who currently receive an annuity or other benefit payable by the system.

CHAPTER 18.  EDUCATION.

ARTICLE 7A.  STATE TEACHERS RETIREMENT SYSTEM.

§18-7A-26w.  Cost-of-living adjustments for certain annuitants effective on or before June 30, 2018.

(a) As an additional cost-of-living adjustment to other retirement allowances provided, a cost-of-living adjustment to retirement benefits shall be paid to certain retirees of the retirement system as provided in subsection (b) of this section.  The cost-of-living adjustment shall equal $1,000 and shall be paid in full by June 30, 2018.

(b) The cost-of-living adjustment provided in this section applies to any retiree who currently receives an annual retirement annuity.  This cost-of-living adjustment is subject to any applicable limitations under Section 415 of the Internal Revenue Code of 1986, as amended.

(c) The cost-of-living adjustment provided by this section shall be payable pro rata to any beneficiaries of a qualifying retiree who currently receives an annuity or other benefit payable by the retirement system.

NOTE: The purpose of this bill is to provide a cost-of-living adjustment for retirees.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.