Senate Bill No. 370
(By Senators Anderson and Manchin)
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[Introduced March 16, 1993; 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, relating to the public employees retirement act;
supplemental benefits for retirees; 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, to
read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22e. Supplemental benefits for retirees effective July 1,
1993; supplement recalculated every three years; survivor
beneficiary portion of supplement; supplement receivable in
lieu of all other supplements in this article; employer
contributions.
A supplement to retirement benefits provided shall be paid
prospectively to all eligible retirees who have been retired
three years or more, as calculated herein, effective the first
day of July, one thousand nine hundred ninety-three, and with
recalculation of such supplement on every three-year anniversary
date thereafter, and using the applicable percent for such
anniversary date, both as set forth in the schedule in this
section. Each survivor beneficiary shall receive that prorata
share of the deceased retiree's supplement, as recalculated on
each anniversary date of such deceased retiree, as such
survivor's benefit constitutes a percentage of the former total
benefit of such deceased retiree.
The supplemental benefit shall be computed on the basis of
the monthly benefit received at retirement and said triennial
supplement shall be an additional ten percent of the original
monthly benefit. The initial supplemental benefit and each
succeeding triennial ten percent supplement shall be calculated
as a percent increase of the original monthly retirement
benefits, as provided in the schedule hereinafter set forth in
this section.
The triennial ten percent supplements shall only be
calculated and paid on amounts up to, but not exceeding, the
first eight hundred dollars of original monthly retirement
benefits. Each triennial increase shall not therefore exceed
eighty dollars monthly.
S C H E D U L E
Retirement AnniversarySupplemental Benefit to
of Retiree:Be Calculated on basis of
From Date of Retirement Original Monthly Benefit Check
3rd Anniversary of Retirement Ten Percent (10%)
6th Anniversary of Retirement Twenty Percent (20%)
9th Anniversary of Retirement Thirty Percent (30%)
12th Anniversary of Retirement Forty Percent (40%)
15th Anniversary of Retirement Fifty Percent (50%)
18th Anniversary of Retirement Sixty Percent (60%)
21st Anniversary of Retirement Seventy Percent (70%)
24th Anniversary of Retirement Eighty Percent (80%)
27th Anniversary of Retirement Ninety Percent (90%)
30th Anniversary of Retirement One Hundred Percent (100%)
Any retiree who becomes reemployed and has his or her
retirement suspended, and later retires with different benefits,
shall have their supplemental benefits calculated from the year
of their final retirement and on the basis of the new monthly
benefit.
Except for the initial award of supplemental benefits on
the first day of July, one thousand nine hundred ninety-three,
the subsequent recalculated triennial supplemental annuities
shall become effective the first month following the triennial
month of eligibility.
All recalculated supplements for retirees who have been
retired for more than thirty years shall use the percent set
forth in the schedule for the thirtieth anniversary ofretirement.
Supplemental benefits taken under the provisions of this
section shall be in lieu of all other supplemental benefits under
this article, or supplemental benefits taken under the other
supplemental benefits provisions of this article, shall be in
lieu of supplemental benefits under this section; whichever
supplemental benefits be the greater.
The employers' contribution required by the provisions of
this article shall be, notwithstanding other provisions of this
article, six and five-tenths percent of the total payroll for the
members in the employment of such participating public employer
for the fiscal year.
This supplemental benefit shall go into force and effect on
the first day of July, one thousand nine hundred ninety-three,
without any action of the board of trustees being necessary.
NOTE: The purpose of this bill is to provide a new
supplemental benefit for eligible retirees, recalculated every
three years and in lieu of other supplements if greater. The
bill further provides for a survivor beneficiary's prorata
portion of such supplement. The employers' contribution is
changed from 9 1/2% to 6 1/2%.
This section is new; therefore, strike-throughs and
underscoring have been omitted.
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