Senate Bill No. 560
(By Senator Foster)
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[Introduced February 12, 2010; referred to the Committee on
Pensions; 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 §5-10-22k; and to
amend said code by adding thereto a new section, designated
§18-7A-26v, all relating to the Public Employees Retirement
System and the State Teachers Retirement System; and providing
for a one-time bonus of $600 for certain annuitants.
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 §5-10-22k; and that
said code be amended by adding thereto a new section, designated
§18-7A-26v, 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.
§5-10-22k. One-time bonus payment for certain annuitants effective
July 1, 2010.
(a) As an additional bonus payment to other retirement
allowances provided, a one-time bonus payment to retirement
benefits shall be paid to retirants of the system as provided in
subsection (b) of this section. The one-time bonus payment shall
equal $600 and shall be paid on July 23, 2010.
(b) The one-time bonus payment provided by this section
applies to any retirant with at least twenty years of credited
service who currently receives an annual retirement annuity of not
more than $7,200. This bonus payment is subject to any applicable
limitations under section 415 of the Internal Revenue Code of 1986,
as amended.
(c) The one-time bonus payment provided by this section shall
be payable pro rata to any beneficiaries of a qualifying retirant
who currently receive an annuity or other benefit payable by the
system.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26v. One-time bonus payment for certain annuitants
effective July 1, 2010.
(a) As an additional bonus payment to other retirement
allowances provided, a one-time bonus payment to retirement
benefits shall be paid to retirants of the retirement system as
provided in subsection (b) of this section. The one-time bonus
payment shall equal $600 and shall be paid on July 23, 2010.
(b) The one-time bonus payment provided in this section
applies to any retirant with at least twenty years of service as a
contributing member who currently receives an annual retirement
annuity of not more than $7,200. This one-time bonus payment is
subject to any applicable limitations under section 415 of the
Internal Revenue Code of 1986, as amended.
(c) The one-time bonus payment provided by this section shall
be payable pro rata to any beneficiaries of a qualifying retirant
who currently receive an annuity or other benefit payable by the
retirement system.
NOTE: The purpose of this bill is to
provide retirees from the
Public Employees Retirement System and the State Teachers
Retirement System who have at least 20 years service and whose
annual annuity is not more than $7,200 to receive a one-time bonus
of $600 for certain annuitants.
These sections are new; therefore, strike-throughs and
underscoring have been omitted.
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