Senate Bill No. 584
(By Senators Foster, Plymale and Chafin)
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[Introduced March 13, 2009; referred to the Committee on
Pensions; 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 §5-10-22k; and to
amend said code by adding thereto a new section, designated
§18-7A-26v, all relating to the Public Employees Retirement
System and the State Teachers Retirement System; and providing
for a one-time bonus payment for certain annuitants.
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 §5-10-22k; and that
said code be amended by adding thereto a new section, designated
§18-7A-26v, 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.
§5-10-22k. One-time bonus payment for certain annuitants effective
July 1, 2009.
(a) As an additional bonus payment to other retirement
allowances provided, a one-time bonus payment to retirement
benefits shall be paid to retirants of the system as provided in
subsection (b) of this section. The one-time bonus payment shall
equal six hundred dollars and shall be paid on July 24, 2009.
(b) The one-time bonus payment provided by this section
applies to any retirant with at least twenty years of credited
service who currently receives an annual retirement annuity of not
more than $7,500. This bonus payment is subject to any applicable
limitations under section 415 of the Internal Revenue Code of 1986,
as amended.
(c) The one-time bonus payment provided by this section shall
be payable pro rata to beneficiaries of a qualifying retirant if
the beneficiaries currently receive an annuity or other benefit
payable by the system.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26v. One-time bonus payment for certain annuitants
effective July 1, 2009.
(a) As an additional bonus payment to other retirement
allowances provided, a one-time bonus payment to retirement benefits shall be paid to retirants of the retirement system as
provided in subsection (b) of this section. The one-time bonus
payment shall equal six hundred dollars and shall be paid July 24,
2009.
(b) The one-time bonus payment provided in this section
applies to any retirant with at least twenty years of service as a
contributing member who currently receives an annual retirement
annuity of not more than $7,500. This one-time bonus payment is
subject to any applicable limitations under section 415 of the
Internal Revenue Code of 1986, as amended.
(c) The one-time bonus payment provided by this section shall
be payable pro rata to beneficiaries of a qualifying retirant if
the beneficiaries currently receive an annuity or other benefit
payable by the retirement system.
NOTE: The purpose of this bill is to provide one-time bonus
payments of $600 to PERS and TRS retirees or beneficiaries of
retirees who have at least twenty years of credited service and
receive annuities of no more than $7,500 annually.
§5-10-22k and §18-7A-26v are new; therefore, strike-throughs
and underscoring have been omitted.