H.
B.
4440
(By Delegates Beach, Stewart and Prezioso)
[Introduced February 11, 1994; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend article ten, chapter five of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section twenty-two-e, relating to the granting of supplemental benefits for all annuitants.
Be it enacted by the Legislature of West Virginia:
That article ten, chapter five of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section twenty-two-e, to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§
5-10-22e. Supplemental benefits for all annuitants.
Beginning the first day of July, one thousand nine hundred ninety-four, as an additional supplement to other retirement allowances provided, any annuitant who is receiving a retirement annuity on the effective date of this section shall receive a supplemental benefit equal to fifty dollars per month.
Every three fiscal years thereafter and on the first day thereof, each such annuitant shall receive an additional supplemental benefit of fifty dollars per month:
Provided,
That each year the board of trustees shall review the retirement system to determine if the system can afford the salary increase:
Provided, however,
That nothing in this section shall be construed to require any appropriation of state general revenue funds for the payment of any benefit provided for in this section.
NOTE: The purpose of this bill is to provide for a fifty dollar per month supplemental benefit every three years and for the board of trustees to review the retirement system each year to determine if the supplemental benefits are affordable.
Section twenty-two-e, article ten, chapter five is new; therefore, strike-throughs and underscoring have been omitted.
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