West Virginia Code 18-7A-26b – Supplemental benefits for certain annuitants
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As an additional supplement to other retirement allowances provided, each annuitant whose annuity was approved by the retirement board prior to January 1, 1967, shall receive a monthly amount equal to 25¢ multiplied by his total service credit.
Terms Used In West Virginia Code 18-7A-26b
- 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 a county board of education. See West Virginia Code 18-1-1
- Total service: means all service as a teacher or nonteacher while a member of the retirement system since last becoming a member and, in addition thereto, credit for prior service, if any. See West Virginia Code 18-7A-3