Bill Text: WV HB2051 | 2020 | Regular Session | Introduced
Bill Title: Annual retirement annuity adjustment West Virginia State Police Retirement System
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-08 - To House Pensions and Retirement [HB2051 Detail]
Download: West_Virginia-2020-HB2051-Introduced.html
WEST virginia Legislature
2019 regular session
Introduced
House Bill 2051
By Delegate Canestraro
[Introduced January 9, 2019;
Referred
to the Committee on Pensions and Retirement then Finance.]
A BILL to amend and reenact §15-2A-7 of the Code of West Virginia, 1931, as amended, relating to the West Virginia State Police Retirement System; and increasing the annual cost of living benefits for retirants from one percent a year to three percent a year.
Be it enacted by the Legislature of West Virginia:
ARTICLE 2A. WEST VIRGINIA STATE POLICE RETIREMENT SYSTEM.
§15-2A-7. Annual annuity adjustment.
(a) Every retirant of the
fund who is 63 years of age or older and who is retired by the board under the
provisions of §15-2A-6 of this code; every retirant who is retired under the
provisions of §15-2A-9 or §15-2A-10 of this code; and every surviving spouse
receiving a benefit pursuant to §15-2A-12, §15-2A-13 or §15-2A-14 of this code
is eligible to receive an annual retirement annuity adjustment equal to one
percent three percent of his or her retirement award or surviving
spouse award. The adjustments may not be retroactive. Yearly adjustments shall
begin upon July 1, of each year. The annuity adjustments shall be paid to the
retirant or surviving spouse from the fund in equal monthly installments while
the retirant or surviving spouse are receiving annuity payments. The annuity
adjustments shall supplement the retirement awards and benefits provided in
this article.
(b) Any retirant or surviving spouse who receives a benefit pursuant to the provisions of §15-2A-9, §15-2A-10, §15-2A-12, §15-2A-13, or §15-2A-14 of this code shall begin to receive the annual annuity adjustment one year after the commencement of the benefit on the next July first: Provided, That if the retirant has been retired for less than one year or if the surviving spouse has been in receipt of surviving spouse payments for less than one year when the first annuity adjustment is given on that July first, that first annuity adjustment will be a pro rata share of the full year's annuity adjustment.
NOTE: The purpose of this bill is to increase the annual cost of living benefits for retirants in the West Virginia State Police Retirement System from one percent a year to three percent a year.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
