ENROLLED
Senate Bill No. 1002
(By Senators Tomblin, Mr. President, Craigo, Plymale, Jackson, Prezioso,
Unger, Snyder, McCabe, Anderson, Helmick, Wooton, Chafin, Bailey, Fanning,
Edgell, Kessler, Minard, Sharpe, Ross, Mitchell, Hunter, Rowe, Love,
Caldwell, Oliverio, McKenzie, Redd, Burnette, Boley, Deem, Minear and
Facemyer)
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[Passed April 23, 2001; in effect from passage.]
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AN ACT to amend article seven-a, chapter eighteen of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
twenty-six-s, relating to the teachers retirement system;
providing a one-time supplement to the retirement benefit of
certain annuitants; and specifying eligibility criteria
therefor.
Be it enacted by the Legislature of West Virginia:
That article seven-a, chapter eighteen of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section twenty-six-s, to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26s. One-time supplement for certain annuitants effective
July 1, 2001.
(a) A one-time supplement to retirement benefits shall be provided
to retirees of this system who have: (i) Reached the specified age
threshold; and (ii) have been in retirement status for the
specified number of years, as follows:
(1) For retirees who, as of the first day of July, two
thousand one, are at least sixty-five years of age and who have
been an annuitant for at least five consecutive years, this
one-time supplement shall equal five percent of his or her annuity
benefit as of the effective date of this section;
(2) For retirees who, as of the first day of July, two
thousand one, are at least seventy years of age and who have been
an annuitant for at least five consecutive years, this one-time
supplement shall equal ten percent of his or her annuity benefit as
of the effective date of this section; and
(3) For any person who, as of the first day of July, two
thousand one, is at least sixty-five years of age and who retired
under the early retirement incentive provided in section thirty-
five-b of this article, this one-time supplement shall equal three percent of his or her annuity benefit as of the effective date of
this section and subdivisions (1) and (2) of this subsection do not
apply.
(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.
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