West Virginia Code 5-10-41 – Allowance of regular interest on balances in funds
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The board of trustees shall, at the end of each calendar year, allow and credit regular interest on the balance at the beginning of that calendar year in each member's individual account in the members deposit fund and on the mean balances in the employers accumulation fund and the retirement reserve fund. The interest so allowed and credited shall be charged to the income fund.
Terms Used In West Virginia Code 5-10-41
- board: means the Board of Trustees of the West Virginia Consolidated Public Retirement Board. See West Virginia Code 5-10-2
- Regular interest: means the rate or rates of interest per annum, compounded annually, as the board of trustees adopts from time to time. See West Virginia Code 5-10-2
- Retirement: means a member's withdrawal from the employ of a participating public employer and the commencement of an annuity by the retirement system. See West Virginia Code 5-10-2