Bill Text: WV HB3070 | 2019 | Regular Session | Introduced
Bill Title: Relating to the accrued benefit of retirees in the West Virginia State Police Retirement System
Spectrum: Slight Partisan Bill (Democrat 5-3)
Status: (Introduced - Dead) 2019-02-14 - To House Finance [HB3070 Detail]
Download: West_Virginia-2019-HB3070-Introduced.html
WEST virginia legislature
2019 regular session
Introduced
House Bill 3070
By Delegate Hollen
[Introduced February 12,
2019; Referred
to the Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact §15-2A-6 of the Code of West Virginia, 1931, as amended, relating to the accrued benefit of retirees in the West Virginia State Police Retirement System Plan B.
Be it enacted by the Legislature of West Virginia:
ARTICLE 2A. WEST VIRGINIA STATE POLICE RETIREMENT SYSTEM.
§15-2A-6. Retirement; commencement of benefits.
(a) A member may retire with full benefits upon attaining the age of 50 and completing 25 or more years of service or attaining the age of 52 and completing 20 years or more of service by filing with the board his or her voluntary application in writing for retirement. A member who is less than age 52 may retire upon completing 20 years or more of service: Provided, That he or she will receive a reduced benefit that is of equal actuarial value to the benefit the member would have received if the member deferred commencement of his or her accrued retirement benefit to the age of 52.
(b) When the board retires
a member with full benefits under the provisions of this section, the board, by
order in writing, shall make a determination that the member is entitled to
receive an annuity equal to two and three-fourths three percent
of his or her final average salary multiplied by the number of years, and
fraction of a year, of his or her service at the time of retirement, subject to
reduction if necessary to comply with the maximum benefit provisions of Section
415 of the Internal Revenue Code and §15-2A-6a of this code. The retirant's
annuity shall begin the first day of the calendar month following the month in
which the member's application for the annuity is filed with the board on or
after his or her attaining age and service requirements and termination of
employment.
(c) In no event may the provisions of §5-16-13 of this code be applied in determining eligibility to retire with either a deferred or immediate commencement of benefit.
NOTE: The purpose of this bill is to modify the West Virginia State Police Retirement System Plan B accrued benefit for Plan B members to three percent beginning July 1, 2019.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
