FISCAL NOTE
West
Virginia Legislature
2017
Regular Session
Introduced
House
Bill 2057
(By
Delegate Caputo and Isner)
[
to the Committee on Pensions and Retirement then Finance.
A
BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a
new section, designated §5-10-22l; and to amend said code by adding thereto a
new section, designated §18-7A-26w, all relating to increasing benefits of
retired state personnel and retired teachers by five percent a year for the
next 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 §5-10-22l; and that said code be amended by adding thereto
a new section, designated §18-7A-26w, 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.
§5-10-22l. Supplemental
benefits for certain annuitants.
As
an additional supplement to other retirement allowances provided, each
annuitant shall receive, effective July 1, 2017, upon application, an increased
amount, payable monthly, which is the product of his or her present retirement
allowance multiplied by five percent; effective July 1, 2018, upon application,
an increased amount, payable monthly, which is the product of his or her
present retirement allowance multiplied by five percent; and, effective July 1,
2019, upon application, an increased amount, payable monthly, which is the
product of his or her present retirement allowance multiplied by five percent.
CHAPTER 18. STATE BOARD OF EDUCATION.
ARTICLE
7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26w. Additional
benefits for certain annuitants.
Effective
July 1, 2017, as an additional supplement to other retirement allowances
provided, each annuitant who retired before July 1, 1995, shall, upon written application,
in addition to such approved annuities an increased amount, payable monthly,
which is the product of his or her present retirement allowance multiplied by
five percent; effective July 1, 2018, upon application, an increased amount,
payable monthly, which is the product of his or her present retirement
allowance multiplied by five percent; and, effective July, 1, 2019, upon
application, an increased amount, payable monthly, which is the product of his
or her present retirement allowance multiplied by five percent.
NOTE:
The purpose of this bill is to give retired state personnel and retired
teachers a five percent a year increase in retirement benefits over the next
three consecutive years.
Strike-throughs
indicate language that would be stricken from a heading or the present law, and
underscoring indicates new language that would be added.