H. B. 2258
(By Delegates Seacrist, Hunt and Farris)
[Introduced February 27, 1997; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact section twenty-two, article ten,
chapter five of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to public employees
retirement system; early retirement incentive for fiscal
year one thousand nine hundred ninety-eight.
Be it enacted by the Legislature of West Virginia:
That section twenty-two, article ten, chapter five of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22. Retirement annuity.
Upon a member's retirement, as provided in this article, he
or she shall receive a straight life annuity equal to one and five-tenths percent of his or her final average salary
multiplied by the number of years, and fraction of a year, of his
or her credited service in force at the time of his
or her
retirement:
Provided, That after
the first day of March,
one
one thousand nine hundred seventy, all members retired and all
members retiring shall receive a straight life annuity equal to
two percent of his
or her final average salary multiplied by the
number of years, and fraction of a year, of his
or her credited
service in force at the time of his
or her retirement. In either
event, upon his
or her retirement he
or she shall have the right
to elect an option provided for in section twenty-four of this
article. All annuity payments shall commence effective the first
of the month following the month in which a member retires or a
member dies leaving a beneficiary entitled to benefits and shall
continue to the end of the month in which
said the retirant or
beneficiary dies, and
said the annuity payments shall not be
prorated for any portion of a month in which a member retires or
retirant or beneficiary dies.
The annuity of any member of the Legislature who
participates in the retirement system as a member of the
Legislature and who retires under this article or of any former
member of the Legislature who has retired under this article
(including any former member of the Legislature who has retired
under this article and whose annuity was readjusted as of
the
first day of March
one, one thousand nine hundred seventy, under
the former provisions of this section) shall be increased from time to time during the period of his
or her retirement when and
if the legislative compensation paid under section two, article
two-a, chapter four of this code to a member of the Legislature
shall be increased to the point where a higher annuity would be
payable to the retirant if he
or she were retiring as of the
effective date of the latest increase in
such the legislative
compensation, but on the basis of his
or her years of credited
service to the date of his
or her actual retirement.
Any member who retires on or after the first day of July,
one thousand nine hundred ninety-seven and before the first day
of July, one thousand nine hundred ninety-eight, shall receive a
straight life annuity equal to two and five-tenths percent of his
or her final average salary multiplied by the number of years,
and fraction of a year, of his or her credited service in force
at the time of his or her retirement.
NOTE: The purpose of this bill is to provide an early
retirement incentive for eligible public employees who elect to
retire between July 1, 1997 and June 30, 1998.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.