Bill Text: WV HB2776 | 2020 | Regular Session | Introduced
Bill Title: Providing one-time supplements to all annuitants when they reach the age of seventy
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-08 - To House Pensions and Retirement [HB2776 Detail]
Download: West_Virginia-2020-HB2776-Introduced.html
WEST virginia legislature
2019 regular session
Introduced
House Bill 2776
By Delegate Rodighiero
[Introduced January 30,
2019; Referred
to the Committee on Pensions and Retirement 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 70.
Be it enacted by the Legislature of West Virginia:
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 70.
(a) A supplement to retirement benefits of three percent is provided to all retirees when they reach age 70 and beneficiaries of deceased members at the time the members would have reached 70 years of age.
(b) The supplement provided in this section applies only to members when they have reached the age of 70, 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 415 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 70.
(a) A supplement to retirement benefits of three percent is provided to all retirees when they reach age 70 and beneficiaries of deceased members at the time they would have reached 70 years of age.
(b) The supplement provided in this section applies only to members when they have reached the age of 70, 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 415 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 70.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
