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Engrossed Version Senate Bill 552 History

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


ENGROSSED

Senate Bill No. 552

(By Senators Plymale, Tomblin, Mr. President, Craigo, Jackson, Prezioso, Bailey, Wooton, Bowman, Kessler, Anderson, Hunter, Edgell, Helmick, Minard, Sharpe, Ross, Mitchell, Love, Rowe, Caldwell, Oliverio, McKenzie, Redd and Burnette)

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[Introduced March 21, 2001; referred to the Committee on Pensions; and then to the Committee on Finance.]

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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-g, relating to the public employees retirement system; providing for a one-time supplement to the retirement benefit of certain annuitants; and specifying eligibility criteria and setting amounts therefor.

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-g, to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.

§5-10-22g. One-time supplement for certain annuitants effective July 1, 2001.

(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:

(1) For retirees who, as of the first day of July, two thousand one, 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;

(2) For retirees who, as of the first day of July, two thousand one, are at least seventy years of age and who have been an annuitant for at least five consecutive years, this one-time supplement shall equal ten percent of his or her annuity benefit as of the effective date of this section; and

(3) For any person who, as of the first day of July, two
thousand one, is at least sixty-five years of age and who retired under the early retirement incentive provided in section twenty-two-c of this article, this one-time supplement shall equal three percent of his or her annuity benefit as of the effective date of this section and subdivisions (1) and (2) of this subsection do not apply.
(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 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.

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