A member may retire and commence to receive retirement income payments on the first day of the calendar month following the board‘s receipt of the member’s voluntary written application for retirement or the required beginning date, if earlier. Before receiving retirement income payments, the member shall have ceased covered employment and reached normal retirement age. The retirement income payments shall be in an amount as provided under § 20-18-18 of this code: Provided, That retirement income payments under this plan shall be subject to the provisions of this article. Upon receipt of a request for estimation of benefits, the board shall promptly provide the member with an explanation of his or her optional forms of retirement benefits and the estimated gross monthly annuity. Upon receipt of properly executed retirement application forms from the member, the board shall process the member’s request and commence payments as soon as administratively feasible.

Terms Used In West Virginia Code 20-18-12

  • 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.
  • Board: means the Consolidated Public Retirement Board created pursuant to §. See West Virginia Code 20-18-2
  • Covered employment: means either: (1) Employment as a Natural Resources Police Officer and the active performance of the duties required of a Natural Resources Police Officer. See West Virginia Code 20-18-2
  • Member: means a person first hired as a Natural Resources Police Officer, as defined in subsection (z) of this section, on or after January 2, 2021, or a Natural Resources Police Officer first hired prior to the effective date and who elects to become a member pursuant to §. See West Virginia Code 20-18-2
  • Normal retirement age: means the first to occur of the following: (1) Attainment of age 55 years and the completion of 15 or more years of service. See West Virginia Code 20-18-2
  • Plan: means the West Virginia Natural Resources Police Officers Retirement System established by this article. See West Virginia Code 20-18-2
  • Required beginning date: means April 1 of the calendar year following the later of: (i) The calendar year in which the member attains age 72. See West Virginia Code 20-18-2
  • retirement: means a member's termination from the employ of a participating public employer and the commencement of an annuity by the plan. See West Virginia Code 20-18-2
  • Retirement income payments: means the annual retirement income payments payable under the plan. See West Virginia Code 20-18-2
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