H. B. 4253
(By Delegates Barill, Perry, Marshall, Fleischauer, Pasdon, Butcher, Frazier, Williams, Perdue
[Introduced January 23, 2012; referred 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, relating to providing a one-time supplements to certain annuitants.
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, to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22l. One-time supplement for certain annuitants.
(a) A one-time supplement to retirement benefits of $600 a month shall be provided to all retirees that are age seventy or older and have been annuitants for at least five consecutive years as of July 1, 2012 and beneficiaries of deceased members who would have been at least seventy years of age or older and have been annuitants for at least five consecutive years as of the July 1, 2012.
(b) The one-time supplement provided in this section applies only to members who have retired at least five years prior to July 1, 2012 or, if applicable, to beneficiaries of deceased members who have been receiving benefits under the retirement system at least five years prior to the July 1, 2012: Provided, That the supplement provided herein is subject to any applicable limitations thereon under Section 415 of the Internal Revenue Code of 1986, as amended.
NOTE: The purpose of this bill is to increase the Public Employee Retirement System annuities of certain retirees and beneficiaries by $600 per month.
The section is new; therefore, it has been completely underlined.