Senate Bill No. 547
(By Senators Bowman, Hunter and Kessler)
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[Introduced February 1, 2008; referred to the Committee on
Banking and Insurance; 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 §5-10-22j; and to
amend said code by adding thereto a new section, designated
§18-7A-26u, all relating to the Public Employees Retirement
System and the Teachers Retirement System; providing a one-
time supplement for annuitants and survivor beneficiaries
after being retired five consecutive years or longer; and
exempting the one-time supplement from state income tax.
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 §5-10-22j; and that
said code be amended by adding thereto a new section, designated
§18-7A-26u, 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.
§5-10-22j. One-time supplement for annuitants and survivor
beneficiaries after being retired five consecutive
years effective on the first day of July, two
thousand eight.
(a) As an additional supplement to other retirement allowances
provided, a one-time supplement to retirement benefits shall be
provided to retirees of this system who have been retired five
consecutive years. This one-time supplement shall be five hundred
dollars and shall be payable by a separate check on the first
retirement date in November, two thousand eight.
(b) The one-time supplement provided in this section applies
to members after having been retired five consecutive years and to
survivor beneficiaries receiving benefits prior to the passage of
this section. This supplement is subject to any applicable
limitations under section 415 of the Internal Revenue Code of 1986,
as amended. This one-time supplement is exempt from West Virginia
income tax.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26u. One-time supplement for annuitants and survivor beneficiaries after being retired five consecutive
years effective on the first day of July, two
thousand eight.
(a) As an additional supplement to other retirement allowances
provided, a one-time supplement to retirement benefits shall be
provided to retirees of this system who have been retired five
consecutive years. This one-time supplement shall be five hundred
dollars and shall be payable by a separate check on the first
retirement date in November, two thousand eight.
(b) The one-time supplement provided in this section applies
to members after having been retired five consecutive years and to
survivor beneficiaries receiving benefits prior to the passage of
this section. This
supplement is subject to any applicable
limitations under section 415 of the Internal Revenue Code of 1986,
as amended. This one-time supplement is exempt from West Virginia
income tax.
NOTE: The purpose of this bill is to provide a one-time
supplement of $500 for annuitants and survivor beneficiaries after
being retired five consecutive years. The supplement is exempt
from State income tax.
These sections are new; therefore, strike-throughs and
underscoring have been omitted.