FISCAL
NOTE
WEST virginia Legislature
2017 regular session
By
[
to the Committee on Pensions and Retirement then Finance.
A BILL to amend and
reenact §15-2A-7 of the Code of West Virginia, 1931, as
amended, relating to the West Virginia State Police Retirement System; and
increasing the annual cost of living benefits for retirants from one percent a
year to three percent a year.
Be it enacted by the
Legislature of West Virginia:
That §15-2A-7 of the Code of West Virginia, 1931, as
amended, be amended and reenacted to read as follows:
ARTICLE 2A. WEST
VIRGINIA STATE POLICE RETIREMENT SYSTEM.
§15-2A-7. Annual annuity
adjustment.
(a) Every retirant of the
fund who is sixty-three years of age or older and who is retired by the board
under the provisions of section six of this article; every retirant who is
retired under the provisions of section nine or ten of this article; and every
surviving spouse receiving a benefit pursuant to section twelve, thirteen or
fourteen of this article is eligible to receive an annual retirement annuity
adjustment equal to one percent three percent of his or her
retirement award or surviving spouse award. The adjustments may not be
retroactive. Yearly adjustments shall begin upon July 1, of each year. The
annuity adjustments shall be paid to the retirant or surviving spouse from the
fund in equal monthly installments while the retirant or surviving spouse are
receiving annuity payments. The annuity adjustments shall supplement the
retirement awards and benefits provided in this article.
(b) Any retirant or
surviving spouse who receives a benefit pursuant to the provisions of section nine,
ten, twelve, thirteen or fourteen of this article shall begin to receive the
annual annuity adjustment one year after the commencement of the benefit on the
next July first: Provided, That if the retirant has been retired for
less than one year or if the surviving spouse has been in receipt of surviving
spouse payments for less than one year when the first annuity adjustment is
given on that July first, that first annuity adjustment will be a pro rata
share of the full year's annuity adjustment.
NOTE: The purpose of this bill is
to increase the annual cost of living benefits for retirants in the West
Virginia State Police Retirement System from one percent a year to three
percent a year.
Strike-throughs indicate language
that would be stricken from a heading or the present law and underscoring
indicates new language that would be added.