Senate Bill No. 604
(By Senator Unger)
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[Introduced February 21, 2000; referred to the Committee
on Pensions; and then to the Committee on Finance.]
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A BILL to amend and reenact section twenty-four, article ten,
chapter five of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to public employees
retirement; and designation of a beneficiary other than the
surviving spouse.
Be it enacted by the Legislature of West Virginia:
That section twenty-four, 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.
§5-10-24. Annuity options.
Prior to the effective date of his or her a member's retirement, but not thereafter except upon the death of a spouse,
a the member may elect to receive his or her annuity as a straight
life annuity payable throughout his or her life, or he or she the
member may elect to receive the actuarial equivalent, at the time,
of his or her the member's straight life annuity in a reduced
annuity payable throughout his or her life, and nominate a
beneficiary, in accordance with option A or B set forth below:
Option A -- Joint and survivor annuity. -- Upon the death of
a retirant, who elected option A, his or her reduced annuity shall
be continued throughout the life of and paid to the beneficiary
having an insurable interest in the retirant's life, whom the
retirant nominated by written designation duly executed and filed
with the board of trustees prior to the effective date of his or
her retirement: Provided, That the beneficiary may be a child or
children or parent or parents of the retirant, if the spouse of the
retirant is still living and has signed a written document filed
with the board of trustees prior to the effective date of his or
her retirement indicating that the spouse agrees to the change:
Provided, however, That if the child or children or parent or
parents of the retirant named as beneficiary instead of the spouse
dies before the retirant, then upon the death of the retirant the reduced annuity shall then be paid to the surviving spouse; or
Option B -- Modified joint and survivor annuity. -- Upon the
death of a retirant who elected option B, one half of his or her
reduced annuity shall be continued throughout the life of and paid
to the beneficiary having an insurable interest in the retirant's
life, whom the retirant nominated by written designation duly
executed and filed with the board of trustees prior to the
effective date of his or her retirement: Provided, That the
beneficiary may be a child or children or parent or parents of the
retirant, if the spouse of the retirant is still living and has
signed a written document filed with the board of trustees prior to
the effective date of his or her retirement indicating that the
spouse agrees to the change: Provided, however, That if the child
or children or parent or parents of the retirant named as
beneficiary instead of the spouse dies before the retirant, then
upon the death of the retirant the reduced annuity shall then be
paid to the surviving spouse.
Upon the death of a spouse, A retirant may elect any of the
retirement options offered by the provisions of this section in an
amount adjusted on a fair basis to be of equal actuarial value as
the annuity prospectively in effect relative to the surviving member at the time the new option is elected.
NOTE: The purpose of this bill is to permit members of the
public employees retirement to designate a refund beneficiary other
than surviving spouse, if so desired.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.