This section describes when adjustment of a member's accrued benefit to reflect the difference in age, in years and months, between the member's annuity starting date and the date the member attains normal retirement age shall be made. This age adjustment, when required, shall be made based upon the normal form of benefit and shall be the actuarial equivalent of the accrued benefit at the member's normal retirement age. The member shall receive the age adjusted retirement income in the normal form or in an actuarial equivalent amount in an optional form as provided under this article, subject to reduction if necessary to comply with the maximum benefit provisions of Section 415 of the Internal Revenue Code and section twelve of this article. The first day of the calendar month following the month of birth shall be used in lieu of any birth date that does not fall on the first day of a calendar month.

Terms Used In West Virginia Code 16-5V-16

  • Accrued benefit: means on behalf of any member two and six-tenths percent per year of the member's final average salary for the first 20 years of credited service. See West Virginia Code 16-5V-2
  • Actuarial equivalent: means a benefit of equal value computed upon the basis of the mortality table and interest rates as set and adopted by the board in accordance with the provisions of this article. See West Virginia Code 16-5V-2
  • 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 starting date: means the first day of the month for which an annuity is payable after submission of a retirement application. See West Virginia Code 16-5V-2
  • Board: means the Consolidated Public Retirement Board. See West Virginia Code 16-5V-2
  • Covered employment: means either: (1) Employment as a full-time emergency medical technician, emergency medical technician/paramedic or emergency medical services/registered nurse and the active performance of the duties required of emergency medical services officers. See West Virginia Code 16-5V-2
  • Credited service: means the sum of a member's years of service, active military duty, disability service and accrued annual and sick leave service. See West Virginia Code 16-5V-2
  • Early retirement age: means age 45 or over and completion of 20 years of contributory service. See West Virginia Code 16-5V-2
  • Final average salary: means the average of the highest annual compensation received for covered employment by the member during any five consecutive plan years within the member's last 10 years of service while employed, prior to any disability payment. See West Virginia Code 16-5V-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
  • Member: means either: (1) A person first hired as an emergency medical services officer by an employer which is a participating public employer of the Emergency Medical Services Retirement System after the effective date of this article, as defined in subsection (r) of this section. See West Virginia Code 16-5V-2
  • Normal form: means a monthly annuity which is one twelfth of the amount of the member's accrued benefit which is payable for the member's life. See West Virginia Code 16-5V-2
  • Normal retirement age: means the first to occur of the following:

    (1) Attainment of age 50 years and the completion of 20 or more years of regular contributory service, excluding active military duty, disability service and accrued annual and sick leave service. See West Virginia Code 16-5V-2

  • Plan: means the West Virginia Emergency Medical Services Retirement System established by this article. See West Virginia Code 16-5V-2
  • retirement: means the first day of the month following or coincident with the latter of the last day the member worked in covered employment or the member's normal retirement age and after completing proper written application for retirement on an application supplied by the board. See West Virginia Code 16-5V-2
  • Retirement income payments: means the monthly retirement income payments payable under the plan. See West Virginia Code 16-5V-2
  • Spouse: means the person to whom the member is legally married on the annuity starting date. See West Virginia Code 16-5V-2

(a) Normal retirement. — A member whose annuity starting date is the date the member attains normal retirement age, is entitled to his or her accrued benefit without adjustment for age at commencement.

(b) Early retirement. — A member who ceases covered employment and has attained early retirement age while in covered employment may elect in writing by completion of an application for retirement required by and submitted to the board, to receive retirement income payments commencing on the first day of the month coincident with or following the date the member ceases covered employment and submits the proper application to the board. "Normal retirement age" for such a member is the first day of the calendar month coincident with or next following the month in which the member attains the age of fifty years. If the member's annuity starting date is prior to the date the member attains normal retirement age, his or her accrued benefit is reduced to the actuarial equivalent benefit amount based on the years and months by which his or her annuity starting date precedes the date he or she attains normal retirement age.

(c) Late retirement. — A member whose annuity starting date is later than the date the member attains normal retirement age shall receive retirement income payments in the normal form without adjustment for age at commencement, which is the benefit to which he or she is entitled according to his or her accrued benefit based on his or her final average salary and credited service at the time of his or her actual retirement and following the completion of an application for retirement as required by the board.

(d) Retirement benefits shall be paid monthly in an amount equal to one twelfth of the retirement income payments elected and at those times established by the board. Notwithstanding any other provision of the plan, a member who is married on the annuity starting date will receive his or her retirement income payments in the form of a sixty-six and two-thirds percent joint and survivor annuity with his or her spouse unless prior to the annuity starting date the spouse waives the form of benefit.

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