West Virginia Code 18-7B-14 – Supplemental annuity contracts
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The board shall authorize the private pension, insurance, annuity, mutual fund or other qualified company or companies with whom it contracts to make available to members such supplemental annuity options, disability and other insurance or benefits as the board deems appropriate: Provided, That such supplemental annuities, insurance and benefits shall be funded solely from employee contributions.
Terms Used In West Virginia Code 18-7B-14
- 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.
- annuity: means an account established for each member to record the deposit of member contributions and employer contributions and interest, dividends, or other accumulations credited on behalf of the member. See West Virginia Code 18-7B-2
- 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