H. B. 4668
(By Delegates Campbell, Craig, Williams, Browning,
Frederick, Hall and Duke)
(Originating in the Committee on Pensions and Retirement)
[February 26, 2004}
A BILL to amend the code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §5-10-22h; and to
further amend said code by adding thereto a new section,
designated §18-7A-26t, all relating to providing a
supplemental pension benefit to certain retired members of the
public employees retirement system and the teachers retirement
system; specifying mandatory condition precedent required for
supplement; and eligibility to receive supplement.
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 §5-10-22h; and that
said code be further amended by adding thereto a new section,
designated §18-7A-26t, 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.
§5-10-22h. One-time supplement for certain annuitants effective
July 1, 2004; mandatory condition precedent.
(a) If the condition precedent set forth below occurs, a one-
time supplement to retirement benefits shall be provided for all
retirees who, as of the first day of July, two thousand four, have
been an annuitant for at least one year. This one-time supplement
shall equal one percent of his or her annuity benefit as of the
effective date of this section.
(b) The one-time supplement provided for in this section
applies only to members who have retired prior to or as of the
effective date of this section or, if applicable, to beneficiaries
receiving benefits under the retirement system prior to or as of
the effective date of this section:
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.
(c) The benefit provided by this section is void and of no
effect until such time the retirement system created in article
seven-a, chapter eighteen of this code has attained an actuarial
funding level of at least thirty percent.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26t. One-time supplement for certain annuitants effective
July 1, 2004.
(a) If the condition precedent set forth below occurs, a one-
time supplement to retirement benefits shall be provided for all retirees who, as of the first day of July, two thousand four, have
been an annuitant for at least one year. This one-time supplement
shall equal one percent of his or her annuity benefit as of the
effective date of this section.
(b) The one-time supplement provided for in this section
applies only to members who have retired prior to or as of the
effective date of this section or, if applicable, to beneficiaries
receiving benefits under the retirement system prior to or as of
the effective date of this section: 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.
(c) The benefit provided by this section is void and of no
effect until such time the retirement system created in article
seven-a, chapter eighteen of this code has attained an actuarial
funding level of at least thirty percent.
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