H. B. 2003
(By Delegates Browning and Perry)
[Introduced January 11, 2007; referred to the
Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact §5-10-22 of the Code of West Virginia,
1931, as amended, relating to retirement annuity of public
employees and retirants; and increasing the multiplier.
Be it enacted by the Legislature of West Virginia:
That §5-10-22 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.
§5-10-22. Retirement annuity.
(a) Upon a member's retirement, as provided in this article,
he or she shall receive a straight life annuity equal to one and
five-tenths percent of his or her final average salary multiplied
by the number of years, and fraction of a year, of his or her
credited service in force at the time of his or her retirement:
Provided, That the final average salary used in this calculation
does not include any lump sum payment for unused, accrued leave of any kind or character. The credited service used for this
calculation may not include any period of limited credited service:
Provided, however, That after March one, one thousand nine hundred
seventy, all members retired and all members retiring shall receive
a straight life annuity equal to two percent of his or her final
average salary multiplied by the number of years, and fraction of
a year, of his or her credited service, exclusive of limited
credited service in force at the time of his or her retirement.
After the first day of July, two thousand seven, all members
retiring shall receive a straight life annuity equal to two and
one-quarter percent of his or her final average salary multiplied
by the number of years, and fraction of a year, of his or her
credited service in force at the time of his or her retirement.
In
either any
event, upon his or her retirement he or she has the
right to elect an option provided in section twenty-four of this
article. All annuity payments shall commence effective the first
day of the month following the month in which a member retires or
a member dies leaving a beneficiary entitled to benefits and shall
continue to the end of the month in which the retirant or
beneficiary dies, and the annuity payments may not be prorated for
any portion of a month in which a member retires or retirant or
beneficiary dies. Any member receiving an annuity based in part
upon limited credited service is not eligible for the supplements
provided in sections twenty-two-a through twenty-two-d, inclusive, of this article.
(b) The annuity of any member of the Legislature who
participates in the retirement system as a member of the
Legislature and who retires under this article or of any former
member of the Legislature who has retired under this article
(including any former member of the Legislature who has retired
under this article and whose annuity was readjusted as of the first
day of March, one thousand nine hundred seventy, under the former
provisions of this section) shall be increased from time to time
during the period of his or her retirement when and if the
legislative compensation paid under section two, article two-a,
chapter four of this code, to a member of the Legislature shall be
increased to the point where a higher annuity would be payable to
the retirant if he or she were retiring as of the effective date of
the latest increase in legislative compensation, but on the basis
of his or her years of credited service to the date of his or her
actual retirement.
NOTE: The purpose of this bill is to increase the multiplier
for a retirement annuity in the public employees retirement system
from 2 to 2.25 percent.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.