Senate Bill No. 237
(By Senators Burdette, Mr. President, Boley, Anderson,
Chafin, Chernenko, Claypole, Craigo, Dittmar, Humphreys,
Jones, Lucht, Manchin, Miller, Minard, Plymale, Ross, Schoonover,
Sharpe, Tomblin, Walker, Wehrle, Whitlow, Wiedebusch, Withers
and Wooton, By Request of the Executive)
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[Introduced February 1, 1994; ; referred to the
Committee on Pensions; and then to the Committee on Finance.]
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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; and to amend and reenact section thirty-one of said
article, all relating to the public employees retirement
act; providing supplemental benefits for retirees under
specified conditions; employers accumulation fund; and
employer contributions.
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;
and that section thirty-one of said article be amended and
reenacted, all to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22e. Supplemental benefits for retirees effective July 1,
1994; calculation of benefits and conditions of payment.
(a) A supplement to retirement benefits provided shall be
paid prospectively to all eligible annuitants who have been
retired prior to the first day of July, one thousand nine hundred
ninety-one, which supplement shall become effective on the first
day of July, one thousand nine hundred ninety-four. The
calculation of such supplement for each annuitant shall be based
upon the number of full three-year periods that the annuitant has
maintained his or her retired status since the original date of
the commencement of his or her retirement, and shall equal the
sum of the applicable percentages credited for such three-year
periods as set forth in the applicable subsections of this
section. Any such supplement shall be paid in pro rata monthly
installments.
(b) The total amount of the supplement due to qualified
annuitants who retired during the period commencing on the first
day of July, one thousand nine hundred eighty-eight, and ending
on the thirtieth day of June, one thousand nine hundred ninety-
one, shall be three percent of their retirement benefit exclusive
of any supplemental benefits provided after the thirtieth day of
March, one thousand nine hundred seventy.
(c) The total amount of the supplement due to qualified
annuitants who retired during the period commencing on the first
day of July, one thousand nine hundred eighty-five, and ending on
the thirtieth day of June, one thousand nine hundred eighty-eight, shall be five percent of their retirement benefit
exclusive of any supplemental benefits provided after the
thirtieth day of March, one thousand nine hundred seventy, plus
the amount of the percentage supplement provided in subsection
(b) of this section.
(d) The total amount of the supplement due to qualified
annuitants who retired during the period commencing on the first
day of July, one thousand nine hundred eighty-two, and ending on
the thirtieth day of June, one thousand nine hundred eighty-five,
shall be five percent of their retirement benefit exclusive of
any supplemental benefits provided after the thirtieth day of
March, one thousand nine hundred seventy, plus the amount of the
percentage supplements provided in subsections (b) and (c) of
this section.
(e) The total amount of the supplement due to qualified
annuitants who retired during the period commencing on the first
day of July, one thousand nine hundred seventy-nine, and ending
on the thirtieth day of June, one thousand nine hundred eighty-
two, shall be sixteen percent of their retirement benefit
exclusive of any supplemental benefits provided after the
thirtieth day of March, one thousand nine hundred seventy, plus
the amount of the percentage supplements provided in subsections
(b), (c) and (d) of this section.
(f) The total amount of the supplement due to qualified
annuitants who retired during the period commencing on the first
day of July, one thousand nine hundred seventy-six, and ending onthe thirtieth day of June, one thousand nine hundred seventy-
nine, shall be sixteen percent of their retirement benefit
exclusive of any supplemental benefits provided after the
thirtieth day of March, one thousand nine hundred seventy, plus
the amount of the percentage supplements provided in subsections
(b), (c), (d) and (e) of this section.
(g) The total amount of the supplement due to qualified
annuitants who retired during the period commencing on the first
day of July, one thousand nine hundred seventy-three, and ending
on the thirtieth day of June, one thousand nine hundred seventy-
six, shall be sixteen percent of their retirement benefit
exclusive of any supplemental benefits provided after the
thirtieth day of March, one thousand nine hundred seventy, plus
the amount of the percentage supplements provided in subsections
(b), (c), (d), (e), and (f) of this section.
(h) The total amount of the supplement due to qualified
annuitants who retired during the period commencing on the first
day of July, one thousand nine hundred seventy, and ending on the
thirtieth day of June, one thousand nine hundred seventy-three,
shall be twenty-four percent of their retirement benefit
exclusive of any supplemental benefits provided after the
thirtieth day of March, one thousand nine hundred seventy, plus
the amount of the percentage supplements provided in subsections
(b), (c), (d), (f), and (g) of this section.
(i) The total amount of the supplement due to qualified
annuitants who retired during the period commencing on the firstday of July, one thousand nine hundred sixty-seven, and ending on
the thirtieth day of June, one thousand nine hundred seventy,
shall be twenty-four percent of their retirement benefit
exclusive of any supplemental benefits provided after the
thirtieth day of March, one thousand nine hundred seventy, plus
the amount of the percentage supplements provided in subsections
(b), (c), (d), (e), (f), (g), and (h) of this section.
(j) The total amount of the supplement due to qualified
annuitants who retired during the period commencing on the first
day of July, one thousand nine hundred sixty-four, and ending on
the thirtieth day of June, one thousand nine hundred sixty-seven,
shall be twenty-four percent of their retirement benefit
exclusive of any supplemental benefits provided after the
thirtieth day of March, one thousand nine hundred seventy, plus
the amount of the percentage supplements provided in subsections
(b), (c), (d), (e), (f), (g), (h) and (i) of this section.
(k) The total amount of the supplement due to qualified
annuitants who retired during the period commencing on the first
day of July, one thousand nine hundred sixty-one, and ending on
the thirtieth day of June, one thousand nine hundred sixty-four,
shall be twenty-four percent of their retirement benefit
exclusive of any supplemental benefits provided after the
thirtieth day of March, one thousand nine hundred seventy, plus
the amount of the percentage supplements provided in subsections
(b), (c), (d), (e), (f), (g), (h), (i), and (j) of this section.
(l) For each annuitant, a preliminary supplement shall becomputed on the basis of the original annual benefit received by
the original retiree as provided in the schedule set forth in
this section. This preliminary supplement shall be calculated
only on amounts up to, but not exceeding, the first five thousand
four hundred dollars of the original annual retirement benefit
paid.
(m) Each retiree shall receive as that retiree's supplement
under this section an amount equal to the preliminary supplement.
(n) Each survivor beneficiary shall receive as that survivor
beneficiary's supplement under this section an amount equal to
that pro rata share of that survivor beneficiary's preliminary
supplement, as defined above, as such survivor beneficiary's
benefit, without regard to any supplements, constitutes as a pro
rata share of the original benefit of the original retiree.
(o) Each disabled retiree shall receive as that disabled
retiree's supplement under this section that pro rata share of
that disabled retiree's preliminary supplement, as defined above,
as such disabled retiree's current benefit, without regard to any
supplements, constitutes as a pro rata share of that disabled
retiree's original benefit:
Provided, That any disabled retiree
scheduled under the terms of the retirement system to have a
benefit recomputed at some time subsequent to the effective date
of this section will, at the time of that recomputation, also
have the supplemental benefit recomputed under the terms of the
preceding sentence. Any supplemental benefit computed under this
section, shall only be paid in lieu of, and not in addition to,the payment of any prior supplemental benefit amounts currently
being paid:
Provided, That any annuitant receiving a
supplemental benefit greater than that provided in this section
shall continue to receive the current supplemental benefits.
(p) This supplemental benefit shall go into force and effect
on the first day of July, one thousand nine hundred ninety-four.
§5-10-31. Employers accumulation fund; employers contributions.
(a) The employers accumulation fund is hereby
created
continued. It shall be the fund in which shall be accumulated
the contributions made by the participating public employers to
the retirement system, and from which transfers shall be made as
provided in this section.
(b) Based upon the provisions of section thirteen of this
article, the participating public
employers employers'
contributions to the retirement system,
as determined by the
consolidated public retirement board, shall be
determined,
according to subdivisions one, two, three and four below, for the
state as the state division, and for the other participating
public employers as the public employer division.
(1) The participating public employers contributions for
members' current service shall be a percent of the members'
total
annual compensation
related to benefits under this retirement
system, which will equal
to an amount which if paid annually by
the participating public employers,
during the members' future
service will be sufficient to provide
for the total normal cost
at the time annuities will become payable on their account, ofthe benefits expected to become payable to all members and to
amortize any unfunded liability found by application of such
actuarial funding method as shall be chosen for such purpose by
the consolidated public retirement board, over such a period of
years as shall be deemed appropriate by the consolidated public
retirement board. the difference between the annuity reserves
for the future service portions of the annuities to be paid and
the present value of the members' future net contributions:
(2) The participating public employers contributions for
members' accrued service shall be a percent of the members'
annual compensation which will equal an amount which if paid
annually by the participating public employers over a period of
years, to be determined by the board of trustees, will amortize,
at regular interest, the unfunded annuity reserves for the
accrued portions of the annuities to be paid on account of
members.
(3) The participating public employers contributions for
annuities being paid retirants and beneficiaries shall be a
percent of the members' annual compensations which will equal an
amount which if paid annually by the participating public
employers over a period of years, to be determined by the board
of trustees, will amortize, at regular interest, the unfunded
annuity reserves for annuities being paid retirants and
beneficiaries.
(4) In no year shall the total of the contributions,
provided for in subdivisions one, two and three above, to be paidby any participating public employer exceed ten and five-tenths
percent of the total payroll for the members in the employ of
such participating public employer for the preceding fiscal year.
NOTE: The purpose of this bill is to grant a supplemental
benefit for certain PERS retirees.
§5-10-22e is new; therefore, strike-throughs and
underscoring have been omitted.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.
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