Senate Bill No. 458
(By Senators Barnes, Hunter, Foster, Lanham, Weeks, Dempsey,
Jenkins, Unger, Love and Kessler)
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[Introduced February 1, 2006; referred to the Committee
on Pensions; and then to the Committee on Finance.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §5-10-22i; and to
amend said code by adding thereto a new section, designated
§18-7A-26t, all relating to the Public Employees Retirement
System and the Teachers Retirement System; and providing a
one-time supplement for annuitants and survivor
beneficiaries after being retired five consecutive years.
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 §5-10-22i; and that
said code be 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.
§5-10-22i. One-time supplement for annuitants and survivor
beneficiaries after being retired five consecutive
years effective July 1, 2006.
(a) As an additional supplement to other retirement
allowances provided, a one-time supplement to retirement benefits
shall be provided to retirees of this system who have been
retired five consecutive years. This one-time supplement shall
equal five percent of his or her annuity benefit up to thirty
thousand dollars.
(b) A one-time supplement to retirement benefits shall be
provided to survivor beneficiaries receiving benefits prior to
the passage of this section.
(c) The one-time supplement provided in this section applies
to members after having been retired five consecutive years and
to survivor beneficiaries receiving benefits prior to the passage
of this section. This supplement will remain as part of the
annuitants future benefits:
Provided, That the supplement
provided is subject to any applicable limitations under section
415 of the Internal Revenue Code of 1986, as amended.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26t. One-time supplement for annuitants and survivor
beneficiaries after being retired five
consecutive years effective July 1, 2006.
(a) As an additional supplement to other retirement allowances provided, a one-time supplement to retirement benefits
shall be provided to retirees of this system who have been
retired five consecutive years. This one-time supplement shall
equal five percent of his or her annuity benefit up to thirty
thousand dollars.
(b) A one-time supplement to retirement benefits shall be
provided to survivor beneficiaries receiving benefits prior to
the passage of this section.
(c) The one-time supplement provided in this section applies
to members after having been retired five consecutive years and
to survivor beneficiaries receiving benefits prior to the passage
of this section. This supplement will remain as part of the
annuitants future benefits: Provided, That the supplement
provided is subject to any applicable limitations under section
415 of the Internal Revenue Code of 1986, as amended.
NOTE: The purpose of this bill is to
provide a one-time
supplement for annuitants and survivor beneficiaries after being
retired five consecutive years.
These sections are new; therefore, strike-throughs and
underscoring have been omitted.