Bill Text: WV SB60 | 2021 | Regular Session | Introduced
Bill Title: Increasing monthly retirement annuity for certain retirees
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced - Dead) 2021-02-10 - To Pensions [SB60 Detail]
Download: West_Virginia-2021-SB60-Introduced.html
WEST virginia legislature
2021 regular session
Introduced
Senate Bill 60
By Senators Sypolt and Smith
[Introduced February 10,
2021; referred
to the Committee on Pensions; and then to the Committee on Finance]
A BILL to amend and reenact §5-10-22l of the Code of West Virginia, 1931, as amended; and to amend and reenact §18-7A-26w of said code, all relating to increasing the monthly retirement annuity by $2 for certain retirants with 20 or more years of credited service.
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. Minimum benefit for certain retirants.
(a) For purposes of this section:
(1) “Elected public official” means any member of the Legislature or any member of the legislative body of any political subdivision; and
(2) “Temporary legislative employee” means any employee of the Clerk of the House of Delegates, the Clerk of the Senate, the Legislature or a committee thereof, including the Joint Committee on Government and Finance, whose employment is classified as temporary and who is employed to perform services required by the Clerk of the House of Delegates, the Clerk of the Senate, the Legislature or a committee thereof, as the case may be, for regular sessions, extraordinary sessions and/or interim meetings of the Legislature.
(b) If the retirement annuity of a retirant (or, if applicable, his or her beneficiary) with at least 25 years of credited service as of the effective date of this section is less than $750 per month (including any supplemental benefits or incentives provided by this article), then the monthly retirement benefit for the retirant (or if applicable, his or her beneficiary) shall be increased to $750 per month: Provided, That any year of credited service while an elected public official or a temporary legislative employee may not be taken into account for purposes of this section.
(c) Notwithstanding the provisions of subsection (b) of this section to the contrary, if the retirement annuity of a beneficiary of a retirant who chose option B – modified joint and survivor annuity as provided in §5-10-24 of this code, and who had at least 25 years of credited service as of the effective date of this section is less than $375 per month (including any supplemental benefits or incentives provided by this article), then the monthly retirement benefit for the beneficiary shall be increased to $375 per month: Provided, That any year of credited service while an elected public official or a temporary legislative employee may not be taken into account for purposes of this section.
(d) Notwithstanding the provisions of this section to the contrary, on July 1, 2021, the retirement annuity of a retirant (or, if applicable, his or her beneficiary) with at least 20 years of credited service shall be increased by $2 per month for each year of credited service: Provided, That any year of credited service while an elected public official or a temporary legislative employee shall not be taken into account for purposes of this section.
(d)(e) The
payment of any minimum benefit under this section is in lieu of, and not in
addition to, the payments of any retirement benefit or supplemental benefit or
incentives otherwise provided by law: Provided, That the minimum benefit
provided in this section is subject to any limitations thereon under Section
415 of the Internal Revenue Code of 1986, as amended, and §5-10-27a of this
code.
(e)(f) Any
minimum benefit conferred in this section is not retroactive to the time of
retirement and applies only to members who have retired prior to the effective
date of this section, or, if applicable, to beneficiaries receiving benefits
under the retirement system prior to the effective date.
CHAPTER 18. EDUCATION.
Article 7A. State Teachers Retirement System.
§18-7A-26w. Minimum benefit for certain retired members.
(a) If the retirement annuity of a retirant (or applicable beneficiary thereof) with at least 25 years of total service is less than $750 per month (including any supplemental or additional benefits provided by this article), then the monthly retirement annuity for the retirant shall be increased to $750 per month: Provided, That any year of service while an employee of an institution of higher education may not be taken into account for purposes of this section if his or her salary was capped under the retirement system at $4,800 per year pursuant to §18-7A-14a of this code.
(b) Notwithstanding the provisions of subsection (a) of this section to the contrary, if the retirement annuity of a beneficiary of a retirant who chose option B – 50 percent joint and survivor annuity as provided in §162-4-5.1.3 and who had at least 25 years of credited service as of the effective date of this section is less than $375 per month (including any supplemental benefits or incentives provided by this article), then the monthly retirement benefit for the beneficiary shall be increased to $375 per month: Provided, That any year of service while an employee of an institution of higher education may not be taken into account for purposes of this section if his or her salary was capped under the retirement system at $4,800 per year pursuant to §18-7A-14a of this code.
(c) Notwithstanding the provisions of this section to the contrary, on July 1, 2021, the retirement annuity of a retirant (or, if applicable, his or her beneficiary) with at least 20 years of credited service shall be increased by $2 per month for each year of credited service.
(c)(d) The
payment of any minimum benefit under this section is in lieu of, and not in
addition to, the payments of any retirement annuity or supplemental or
additional benefits otherwise provided by this article: Provided, That
the minimum benefit provided in this section is subject to any limitations
thereon under §415 of the Internal Revenue Code of 1986, as the same may be
amended, and §18-7A-28a of this code.
(d)(e) Any
minimum benefit conferred in this section is not retroactive to the time of
retirement and applies only to members who have retired prior to the effective
date of this section, or, if applicable, to beneficiaries receiving benefits
under the retirement system prior to the effective date.
NOTE: The purpose of this bill is to increase the monthly retirement annuity by $2 for certain retirants with 20 years of credited service.
Strike-throughs indicate language that would be stricken from a heading or the present law, and underscoring indicates new language that would be added.
