Senate Bill No. 592
(By Senators Bailey and Hunter)
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[Introduced February 6, 2008; 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 §7-14D-12a, relating
to providing a one-time supplement for certain annuitants and
survivor beneficiaries after being retired at least three
consecutive years.
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 §7-14D-12a, to read as
follows:
ARTICLE 14D. DEPUTY SHERIFF RETIREMENT SYSTEM ACT.
§7-14D-12a.
One-time supplement for certain annuitants effective
July 1, 2008.
(a) A one-time supplement to retirement benefits is provided
to all retirees that have been annuitants at least three
consecutive years but less than five consecutive years as of the effective date of this section and beneficiaries of deceased
members who have been annuitants for at least three consecutive
years but less than five consecutive years as of the effective date
of this section. This one-time supplement shall equal two percent
of his or her monthly annuity benefit.
(b) A one-time supplement to retirement benefits is provided
to all retirees that have been annuitants for at least five or more
consecutive years as of the effective date of this section and
beneficiaries of deceased members who have been annuitants for at
least five or more consecutive years as of the effective date of
this section. This one-time supplement shall equal four percent of
his or her monthly annuity benefit.
(c) The one-time supplement provided in this section applies
to all retirees that have been annuitants for at least three
consecutive years but less than five consecutive years as of the
effective date of this section and beneficiaries of deceased
members who have been receiving benefits under the retirement
system for at least three consecutive years but less than five
consecutive years as of the effective date of this section, and to
all retirees that have been annuitants for at least five or more
consecutive years as of the effective date of this section and
beneficiaries of deceased members who have been receiving benefits
under the retirement system for at least five or more consecutive
years as of the effective date of this section. Beneficiaries eligibility will be based upon the original retirement date of the
deceased member. This supplement applies to all eligible regular
retirees, eligible disability retirees and their eligible
beneficiaries. This supplement shall remain as part of the
annuitants future benefits:
Provided, That the supplement provided
in this section is subject to any applicable limitations under
Section 415 of the Internal Revenue Code of 1986, as amended.
NOTE: The purpose of this bill is to provide a one-time
supplement for certain annuitants and survivor beneficiaries after
being retired at least three consecutive years.
This section is new; therefore, strike-throughs and
underscoring have been omitted.