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Introduced Version Senate Bill 547 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 547

(By Senators Bowman, Hunter and Kessler)

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[Introduced February 1, 2008; referred to the Committee on Banking and Insurance; and then to the Committee on Finance.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §5-10-22j; and to amend said code by adding thereto a new section, designated §18-7A-26u, all relating to the Public Employees Retirement System and the Teachers Retirement System; providing a one- time supplement for annuitants and survivor beneficiaries after being retired five consecutive years or longer; and exempting the one-time supplement from state income tax.

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 §5-10-22j; and that said code be amended by adding thereto a new section, designated §18-7A-26u, 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.
§5-10-22j. One-time supplement for annuitants and survivor beneficiaries after being retired five consecutive years effective on the first day of July, two thousand eight.

(a) As an additional supplement to other retirement allowances provided, a one-time supplement to retirement benefits shall be provided to retirees of this system who have been retired five consecutive years. This one-time supplement shall be five hundred dollars and shall be payable by a separate check on the first retirement date in November, two thousand eight.
(b) The one-time supplement provided in this section applies to members after having been retired five consecutive years and to survivor beneficiaries receiving benefits prior to the passage of this section. This supplement is subject to any applicable limitations under section 415 of the Internal Revenue Code of 1986, as amended. This one-time supplement is exempt from West Virginia income tax.
CHAPTER 18. EDUCATION.

ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.

§18-7A-26u. One-time supplement for annuitants and survivor beneficiaries after being retired five consecutive years effective on the first day of July, two thousand eight.

(a) As an additional supplement to other retirement allowances provided, a one-time supplement to retirement benefits shall be provided to retirees of this system who have been retired five consecutive years. This one-time supplement shall be five hundred dollars and shall be payable by a separate check on the first retirement date in November, two thousand eight.
(b) The one-time supplement provided in this section applies to members after having been retired five consecutive years and to survivor beneficiaries receiving benefits prior to the passage of this section. This supplement is subject to any applicable limitations under section 415 of the Internal Revenue Code of 1986, as amended. This one-time supplement is exempt from West Virginia income tax.


NOTE: The purpose of this bill is to provide a one-time supplement of $500 for annuitants and survivor beneficiaries after being retired five consecutive years. The supplement is exempt from State income tax.

These sections are new; therefore, strike-throughs and underscoring have been omitted.
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