Terms Used In West Virginia Code > Chapter 22A > Article 2A > Part 6 - Fuel

• Accumulated contributions: means the sum of all amounts deducted from the compensations of a member and credited to his or her individual account in the members' deposit fund, together with regular interest on the contributions. See West Virginia Code 5-10-2
• Actuarial equivalent: means a benefit of equal value computed upon the basis of a mortality table and regular interest adopted by the board of trustees from time to time: . See West Virginia Code 5-10-2
• 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: means an annual amount payable by the retirement system throughout the life of a person. See West Virginia Code 5-10-2
• board: means the Board of Trustees of the West Virginia Consolidated Public Retirement Board. See West Virginia Code 5-10-2
• Compensation: means the remuneration paid a member by a participating public employer for personal services rendered by the member to the participating public employer. See West Virginia Code 5-10-2
• Contract: A legal written agreement that becomes binding when signed.
• Contributing service: means service rendered by a member within this state and for which the member made contributions to a public retirement system account of this state, to the extent credited him or her as provided by this article. See West Virginia Code 5-10-2
• Credited service: means the sum of a member's prior service credit, military service credit, workers' compensation service credit, and contributing service credit standing to his or her credit as provided in this article. See West Virginia Code 5-10-2
• Employee: means any person who serves regularly as an officer or employee, full-time, on a salary basis, whose tenure is not restricted as to temporary or provisional appointment, in the service of, and whose compensation is payable, in whole or in part, by any political subdivision, or an officer or employee whose compensation is calculated on a daily basis and paid monthly or on completion of assignment, including technicians and other personnel employed by the West Virginia National Guard whose compensation, in whole or in part, is paid by the federal government: . See West Virginia Code 5-10-2
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Member: means any person who has accumulated contributions standing to his or her credit in the members' deposit fund. See West Virginia Code 5-10-2
• Participating public employer: means the State of West Virginia, any board, commission, department, institution, or spending unit, and includes any agency created by rule of the Supreme Court of Appeals having full-time employees, which for the purposes of this article is considered a department of state government. See West Virginia Code 5-10-2
• Political subdivision: means the State of West Virginia, a county, city or town in the state. See West Virginia Code 5-10-2
• Prior service: means service rendered prior to July 1, 1961, to the extent credited a member as provided in this article. 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
• Retroactive service: means : (1) Service between July 1, 1961, and the date an employer decides to become a participating member of the Public Employees Retirement System. See West Virginia Code 5-10-2
• Service: means personal service rendered to a participating public employer by an employee of a participating public employer. See West Virginia Code 5-10-2
• State: means the State of West Virginia. See West Virginia Code 5-10-2
• system: means the West Virginia Public Employees Retirement System created and established by this article. See West Virginia Code 5-10-2