West Virginia Code 18-7A-26v – One-time bonus payment for certain annuitants effective July 1, 2011
(a) As an additional bonus payment to other retirement allowances provided, a one-time bonus payment to retirement benefits shall be paid to retirants of the retirement system as provided in subsection (b) of this section. The one-time bonus payment shall equal $1,200 and shall be paid on July 27, 2011.
Terms Used In West Virginia Code 18-7A-26v
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Internal Revenue Code: means the Internal Revenue Code of 1986, as it has been amended. See West Virginia Code 18-7A-3
- Member: means any person who has accumulated contributions standing to his or her credit in the State Teachers Retirement System. See West Virginia Code 18-7A-3
- Retirant: means any member who commences an annuity payable by the retirement system. See West Virginia Code 18-7A-3
- Retirement system: means the State Teachers Retirement System established by this article. See West Virginia Code 18-7A-3
(b) The one-time bonus payment provided in this section applies to any retirant with at least twenty years of service as a contributing member who currently receives an annual retirement annuity of not more than $7,200. This one-time bonus payment is subject to any applicable limitations under section 415 of the Internal Revenue Code of 1986, as amended.
(c) The one-time bonus payment provided by this section shall be payable pro rata to any beneficiaries of a qualifying retirant who currently receive an annuity or other benefit payable by the retirement system.