Terms Used In West Virginia Code > Chapter 22A > Article 2A > Part 8 - Maintenance

• 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
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: means any person which shall include an irrevocable special needs trust, as that term is defined in this section, for the benefit of one individual beneficiary and which trust terminates upon the death of such individual with no further annuity benefits being payable, except a retirant, who is entitled to, or will be entitled to, an annuity or other benefit payable by the retirement system. See West Virginia Code 5-10-2
• 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}
• board: means the Board of Trustees of the West Virginia Consolidated Public Retirement Board. See West Virginia Code 5-10-2
• Committee substitute: Short for committee amendment in the nature of a substitute.
• 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
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Final average salary: means either of the following: . See West Virginia Code 5-10-2
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• Internal Revenue Code: means the Internal Revenue Code of 1986, as amended, codified at Title 26 of the United States Code. See West Virginia Code 5-10-2
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Limited credited service: means service by employees of the West Virginia Educational Broadcasting Authority, in the employment of West Virginia University, during a period when the employee made contributions to another retirement system, as required by West Virginia University, and did not make contributions to the Public Employees Retirement System: . See West Virginia Code 5-10-2
• 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
• 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
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Retirant: means any member who commences an annuity payable by the retirement system. 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
• 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
• Statute: A law passed by a legislature.
• system: means the West Virginia Public Employees Retirement System created and established by this article. See West Virginia Code 5-10-2
• Town: includes a city, village or town, and the word "council" any body or board, whether composed of one or more branches, which is authorized to make ordinances for the government of a city, town, or village. See West Virginia Code 2-2-10