H. B. 109
(By Mr. Speaker, Mr. Kiss, and Delegate Trump)
[By Request of the Executive]
[Introduced June 13, 2006.]
A BILL to amend and reenact §5-10-22i of the Code of West Virginia,
1931, as amended; and to amend and reenact §18-7A-26t of said
code, all relating to one-time supplements to retirement
benefits for certain annuitants; clarifying the amount and
effective date for the one-time supplement to retirement
benefits for certain annuitants under the Public Employees
Retirement Act; and clarifying the effective date for the one-
time supplement to retirement benefits for certain annuitants
under the State Teachers Retirement System.
Be it enacted by the Legislature of West Virginia:
That §5-10-22i of the Code of West Virginia, 1931, as amended,
be amended and reenacted; and that §18-7A-26t of said code be
amended and reenacted, 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.
§5-10-22i. One-time supplement for certain annuitants effective
July 1, 2006.
(a) A one-time supplement to retirement benefits of
not less
than three percent,
and not exceeding four and one-half percent as
determined by appropriation of the Legislature, shall be provided
to all retirees that are age seventy or older and have been
annuitants for at least five consecutive years as of the
effective
date of this section first day of July, two thousand six, and
beneficiaries of deceased members who would have been at least
seventy years of age or older and have been annuitants for at least
five consecutive years as of the
effective date of this section
first day of July, two thousand six.
(b) The one-time supplement provided
for in this section
applies only to members who have retired at least five years prior
to the
effective date of this section first day of July, two
thousand six, or, if applicable, to beneficiaries of deceased
members who have been receiving benefits under the retirement
system at least five years prior to the
effective date of this
section first day of July, two thousand six: Provided, That the
supplement provided herein is subject to any applicable limitations
thereon under Section 415 of the Internal Revenue Code of 1986, as
amended.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26t. One-time supplement for certain annuitants effective
July 1, 2006.
(a) A one-time supplement to retirement benefits of three
percent shall be provided to all retirees that are age seventy or
older and have been annuitants for at least five consecutive years
as of the
effective date of this section first day of July, two
thousand six, and beneficiaries of deceased members who would have
been at least seventy years of age or older and have been
annuitants for at least five consecutive years as of the
effective
date of this section first day of July, two thousand six.
(b) The one-time supplement provided
for in this section
applies only to members who have retired at least five years prior
to the
effective date of this section first day of July, two
thousand six, or, if applicable, to beneficiaries of deceased
members who have been receiving benefits under the retirement
system at least five years prior to the
effective date of this
section first day of July, two thousand six: Provided, That the
supplement provided herein is subject to any applicable limitations
thereon under Section 415 of the Internal Revenue Code of 1986, as
amended.
NOTE: The purpose of this bill is to clarify the amount and
effective date of certain one-time supplements to retirement
benefits amended during the 2006 regular session.
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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