West Virginia Code 7-14D-9 – Retirement; commencement of benefits
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 early or normal retirement age. The retirement income payments shall be in an amount as provided under section eleven of this article: 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 7-14D-9
- 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 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
- 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 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
- Plan: means the West Virginia Deputy Sheriff Death, Disability, and Retirement Plan established by this article. See West Virginia Code 7-14D-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 70. 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