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Introduced Version House Bill 2258 History

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Key: Green = existing Code. Red = new code to be enacted
H. B. 2258


(By Delegates Seacrist and Hunt)
[Introduced January 14, 1998
; referred to the
Committee on Pensions and Retirement then Finance.]




A BILL to amend and reenact section twenty-two, article ten, chapter five of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to public employees retirement system; early retirement incentive for fiscal year one thousand nine hundred ninety-eight.

Be it enacted by the Legislature of West Virginia:
That section twenty-two, article ten, chapter five of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 10. WEST VIRGINIA PUBLIC EMPLOYEES RETIREMENT ACT.

§5-10-22. Retirement annuity.

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 after the first day of 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 in force at the time of his or her retirement. In either event, upon his or her retirement he or she shall have the right to elect an option provided for in section twenty-four of this article. All annuity payments shall commence effective the first 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 said the retirant or beneficiary dies, and said the annuity payments shall not be prorated for any portion of a month in which a member retires or retirant or beneficiary dies.
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, 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 such the legislative compensation, but on the basis of his or her years of credited service to the date of his or her actual retirement.
Any member who retires on or after the first day of July, one thousand nine hundred ninety-seven and before the first day of July, one thousand nine hundred ninety-eight, shall receive a straight life annuity equal to two 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.



NOTE: The purpose of this bill is to provide an early retirement incentive for eligible public employees who elect to retire between July 1, 1997 and June 30, 1998.
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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