Bill Text: WV SB117 | 2020 | Regular Session | Introduced
Bill Title: Providing $1,000 cost-of-living adjustment to certain PERS and State Teachers Retirement System retirees
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2020-01-08 - To Pensions [SB117 Detail]
Download: West_Virginia-2020-SB117-Introduced.html
WEST virginia Legislature
2020 regular session
Introduced
Senate Bill 117
By Senator Romano
[Introduced January 8, 2020; referred
to the Committee on Pensions; and then to the Committee on Finance]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §5-10-22m; and to amend said code by adding thereto a new section, designated §18-7A-26x, all relating to a $1,000 cost-of-living adjustment to certain retirees of the Public Employees Retirement System and the State Teachers Retirement System by June 30, 2021; and providing for the pro rata distribution of the cost-of-living adjustment to certain beneficiaries.
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.
§5-10-22m. Cost-of-living adjustments for certain annuitants effective on or before June 30, 2021.
(a) As an additional cost-of-living adjustment to other retirement allowances provided, a cost-of-living adjustment to retirement benefits shall be paid to retirees of the system as provided in subsection (b) of this section. The cost-of-living adjustment shall equal $1,000 and shall be paid in full by June 30, 2021.
(b) The cost-of-living adjustment provided by this section applies to any retiree who currently receives an annual retirement annuity. This cost-of-living adjustment is subject to any applicable limitations under section 415 of the Internal Revenue Code of 1986, as amended.
(c) The cost-of-living adjustment provided by this section is payable pro rata to any beneficiary of a qualifying retiree who currently receives an annuity or other benefit payable by the system.
CHAPTER 18. EDUCATION.
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.
§18-7A-26x. Cost-of-living adjustments for certain annuitants effective on or before June 30, 2021.
(a) As an additional cost-of-living adjustment to other retirement allowances provided, a cost-of-living adjustment to retirement benefits shall be paid to certain retirees of the retirement system as provided in subsection (b) of this section. The cost-of-living adjustment shall equal $1,000 and shall be paid in full by June 30, 2021.
(b) The cost-of-living adjustment provided in this section applies to any retiree who currently receives an annual retirement annuity. This cost-of-living adjustment is subject to any applicable limitations under Section 415 of the Internal Revenue Code of 1986, as amended.
(c) The cost-of-living adjustment provided by this section is payable pro rata to any beneficiary of a qualifying retiree who currently receives an annuity or other benefit payable by the retirement system.
NOTE: The purpose of this bill is to provide a cost-of-living adjustment for certain retirees.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
