West Virginia Code 16-5V-17 – Annuity options
Prior to the effective date of retirement, but not after that date, a member may elect to receive retirement income payments in the normal form, or the actuarial equivalent of the normal form from the following options:
Terms Used In West Virginia Code 16-5V-17
- 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.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Effective date: means January 1, 2008. See West Virginia Code 16-5V-2
- 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
- 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) Option A– Contingent joint and survivor annuity. — A life annuity payable during the joint lifetime of the member and his or her beneficiary who must be a natural person with an insurable interest in the member's life. Upon the death of the member, the benefit shall continue as a life annuity to the beneficiary in an amount equal to fifty percent, sixty-six and two-thirds percent, seventy-five percent or one hundred percent of the amount paid while both were living as selected by the member. If the beneficiary dies first, the monthly amount of benefits may not be reduced, but shall be paid at the amount that was in effect before the death of the beneficiary. If the retiring member is married, the spouse shall sign a waiver of benefit rights if the beneficiary is to be other than the spouse.
(b) Option B — Ten years certain and life annuity. — A life annuity payable during the member's lifetime but in any event for a minimum of ten years. If the member dies before the expiration of ten years, the remaining payments shall be made to a designated beneficiary, if any, or otherwise to the member's estate.