H. B. 2394


(By Delegate Kiss (By Request))

[Introduced February 7, 1995; 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 seventeen-c, relating to establishing an early retirement.

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 seventeen-c, to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-17c. Temporary early retirement incentives program.

(a) Notwithstanding any provisions of this code to the contrary an early retirement option shall be made available from the effective date of this legislation until the thirty-first day of December, one thousand nine hundred ninety-five. The requirements for an individual to be eligible to exercise his or her early retirement option shall be as follows:
No minimum age for a retirement if:
(1) Age and tenure equal no less than eighty; or
(2) Annual leave, sick leave, age and tenure equal no less than eighty.
(b) In the event an individual qualifies for early retirement under this provision, the formula to be used to determine annual retirement income shall be final average salary multiplied by years of service multiplied by two and one-half percent.




NOTE: The purpose of this bill is to establish an early retirement plan.

This section is new; therefore, strike-throughs and underscoring have been omitted.