West Virginia Code 7-14D-11 – Retirement benefits
This section provides for a member‘s accrued benefit payable starting at the member’s annuity starting date which follows the completion of a written application for the commencement of benefits. The member shall receive the accrued retirement benefit in the normal form or in an actuarial equivalent amount in an optional form as provided under § 7-14D-12 of this code, subject to reduction if necessary to comply with the maximum benefit provisions of Section 415 of the Internal Revenue Code and § 7-14D-9a of this code. The first day of the calendar month following the calendar 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 7-14D-11
- Accrued benefit: means on behalf of any member two and one-quarter percent of the member's final average salary multiplied by the member's years of credited service: . See West Virginia Code 7-14D-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 retirement board in accordance with the provisions of this article: . See West Virginia Code 7-14D-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 first calendar month following receipt of the retirement application by the board or the required beginning date, if earlier: . See West Virginia Code 7-14D-2
- Board: means the Consolidated Public Retirement Board created pursuant to §. See West Virginia Code 7-14D-2
- Covered employment: means either: (1) Employment as a deputy sheriff and the active performance of the duties required of a deputy sheriff. See West Virginia Code 7-14D-2
- Early retirement age: means age 40 or over and completion of 20 years of service. See West Virginia Code 7-14D-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. See West Virginia Code 7-14D-2
- Member: means a person first hired as a deputy sheriff after the effective date of this article, as defined in subdivision (u) of this section, or a deputy sheriff first hired prior to the effective date and who elects to become a member pursuant to §. See West Virginia Code 7-14D-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 7-14D-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 service. See West Virginia Code 7-14D-2
- retirement: means a member's withdrawal from the employ of a participating public employer and the commencement of an annuity by the plan. See West Virginia Code 7-14D-2
- Retirement income payments: means the annual retirement income payments payable under the plan. See West Virginia Code 7-14D-2
(a) Normal retirement. — A member whose annuity starting date is the date the member attains normal retirement age or later is entitled to his or her accrued retirement benefit based on years of service and final average salary at termination of employment.
(b) Early retirement. — A member who ceases covered employment and has attained early retirement age while in covered employment may elect to receive retirement income payments commencing on the first day of the month coincident with or following the date the member ceases covered employment. “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 50 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) 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.