West Virginia Code 18-7B-12 – Retirement, commencement of annuity payments, payments under a qualified domestic relations order
(a) Subject to the provisions of section twelve-a of this article, an employee attaining fifty-five years of age, may elect to take retirement by notifying the board or its designee in writing of his or her intention to retire. The notice of retirement must be received by the board or its designee no fewer than sixty days prior to the effective date of retirement. Retirement payments shall commence within thirty days of the retirement date under the payment option selected by the employee.
Terms Used In West Virginia Code 18-7B-12
- board: means the Consolidated Public Retirement Board created and established pursuant to §. See West Virginia Code 18-7B-2
- employee: means the following persons, if regularly employed for full-time service: (A) Any person employed by a public school for instructional service in the public schools of West Virginia. See West Virginia Code 18-7B-2
- in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
- Internal Revenue Code: means the Internal Revenue Code of 1986, as it has been amended. See West Virginia Code 18-7B-2
- Retirement: means a member's withdrawal from the active employment of a participating employer and completion of all conditions precedent to retirement. See West Virginia Code 18-7B-2
(b) An alternate payee named in a qualified domestic relations order may elect to receive a distribution awarded from this plan. If the alternate payee elects, the board or its designee shall promptly compute the amount due without regard to whether the employee is receiving benefits at the time of election. After the amount due has been computed, the board shall promptly initiate payments to the alternate payee.
(c) For purposes of this section, the term "qualified domestic relations order" means a "qualified domestic relations order" as defined in Section 414(p) of the Internal Revenue Code with respect to government plans.