FISCAL
NOTE
WEST virginia Legislature
2017 regular session
By
[
to the Committee on Pensions and Retirements then Finance
A BILL to amend the Code
of West Virginia, 1931, as amended, by adding thereto a new section, designated
§5-10-22l; and to amend said code by adding thereto a new section, designated §18-7A-26w,
all relating to providing one-time supplements to all annuitants when they
reach the age of seventy.
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 §5-10-22l; and
that said code be amended by adding thereto a new section, designated §18-7A-26w, 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.
§5-10-22l. One-time supplement for all annuitants when
they reach the age of seventy.
(a) A supplement to retirement
benefits of three percent is provided to all retirees when they reach age
seventy and beneficiaries of deceased members at the time the members would
have reached seventy years of age.
(b) The supplement provided in
this section applies only to members when they have reached the age of seventy,
and if applicable, to beneficiaries of deceased members who have been receiving
benefits under the retirement system prior to the effective date of this
section. Also, the supplement provided
herein is subject to any applicable limitations thereon under section four
hundred fifteen of the Internal Revenue Code of 1986, as amended.
CHAPTER 18. EDUCATION.
ARTICLE
7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26w. One-time supplement for all annuitants when
they reach the age of seventy.
(a) A supplement to retirement
benefits of three percent is provided to all retirees when they reach age
seventy and beneficiaries of deceased members at the time they would have
reached seventy years of age.
(b) The supplement provided in
this section applies only to members when they have reached the age of seventy,
and if applicable, to beneficiaries of deceased members who have been receiving
benefits under the retirement system prior to the effective date of this
section. The supplement provided herein is
subject to any applicable limitations thereon under section four hundred
fifteen of the Internal Revenue Code of 1986, as amended.
NOTE: The purpose of this bill is
to provide for a supplement of three percent to be paid to all annuitants of
the Public Employees Retirement and Teachers Retirement Systems at the time
they reach the age of seventy.
Strike-throughs indicate language
that would be stricken from a heading or the present law and underscoring
indicates new language that would be added.