(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 $1,500 and shall be paid on or before December 31, 2023.

Terms Used In West Virginia Code 18-7A-26x

  • 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
  • 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 age 70 as of July 1, 2023, who has at least 20 years of service as of July 1, 2023, and whose monthly annuity is less than $1,000. 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 beneficiary of a qualifying retirant who currently receives an annuity or other benefit payable by the retirement system.

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