H. B. 2584
(By Delegate Flanigan)
[Introduced February 2, 1999; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact section twenty-one, article ten,
chapter five of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to considering
certain time served in the armed forces of the United States
as contributing service under the public employees
retirement system for full retirement at age fifty-five with
thirty years of contributing service.
Be it enacted by the Legislature of West Virginia:
That section twenty-one, article ten, chapter five of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-21. Deferred retirement and early retirement.
(a) Any member, who has five or more years of credited
service in force, of which at least three years are contributing
service, and who leaves the employ of a participating public
employer prior to his attainment attaining of age sixty years,
for any reason except his disability retirement or death, shall
be entitled to an annuity computed according to section twenty- two of this article, as the said section was in force as of the
date of his said the separation from the employ of a
participating public employer: Provided, That he the member does
not withdraw his the member's accumulated contributions from the
members' deposit fund. His The member's said annuity shall begin
the first day of the calendar month next following the month in
which his application for same is filed with the board of
trustees on or after his the member attainment of age sixty-two
years. reaches sixty-two years of age.
(b) Any member who qualifies for deferred retirement benefits
in accordance with subsection (a) of this section, and has ten or
more years of credited service in force and who has attained age
fifty-five as of the date of his the member's separation may, prior to the effective date of his the member's retirement, but
not thereafter, elect to receive the actuarial equivalent of his
the member's deferred retirement annuity as a reduced annuity
commencing on the first day of any calendar month between his or
her date of separation and his the member's attainment of age
sixty-two years and payable throughout his the member's life.
(c) Any member who qualifies for deferred retirement benefits
in accordance with subsection (a) of this section, and has twenty
or more years of credited service in force, may elect to receive
the actuarial equivalent of his the member's deferred retirement
annuity as a reduced annuity commencing on the first day of any
calendar month between his the member's fifty-fifth birthday
and his the member's attainment of age sixty-two years and
payable throughout his the member's life.
(d) Notwithstanding any of the other provisions of this
section or of this article and pursuant to regulations
promulgated by the board, any member who has thirty or more years
of credited service in force, at least three of which are
contributing service, and who elects to take early retirement,
which for the purposes of this subsection shall mean retirement prior to age sixty, whether an active employee or a separated
employee at the time of application, shall be entitled to the
full computation of annuity according to section twenty-two of
this article, as the said section was in force as of the date of
retirement application, but with the reduced actuarial equivalent
of the annuity the member would have received if his the member's
benefit had commenced at age sixty when he the member would have
been entitled to full computation of benefit without any
reduction.
(e) Notwithstanding any of the other provisions of this
section or of this article, any member of the retirement system
may retire with full pension rights, without reduction of
benefits, if such member is at least fifty-five years of age and
the sum of his or her age plus years of contributing service
equals or exceeds eighty: Provided, That for the purpose of
calculating retirement eligibility under this subsection,
service credited for time spent in the armed forces pursuant to
section fifteen of this article shall be considered as
contributing service.
Note: The purpose of this bill is to allow credit for
certain time served in the armed forces of the United States to
count as contributing service for the purposes of meeting
requirements of the Public Employees Retirement System provision
that allows full retirement at age fifty-five with thirty years
of contributing service.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that
would be added.