West Virginia Code 18-7A-26e – Supplemental benefits to certain annuitants
(a) An annuitant whose annuity was approved by the board effective after June 30, 1963, and before July 1, 1970, may receive, at his election, an annuity of two percent of his average final salary times his total service credit, plus deposits and tax sheltered annuities, but not including the supplemental benefits permitted pursuant to sections twenty-six-a, twenty-six-b, twenty-six-c and twenty-six-d of this article. Any additional benefit conferred herein shall not be retroactive, but shall be paid beginning July 1, 1971, if the option to elect the above plan is exercised by the annuitant prior to May 31, 1971.
Terms Used In West Virginia Code 18-7A-26e
- Annuities: means the annual retirement payments for life granted beneficiaries in accordance with this article. See West Virginia Code 18-7A-3
- 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.
- Average final salary: means the average of the five highest fiscal year salaries earned as a member within the last 15 fiscal years of total service credit, including military service as provided in this article, or if total service is less than 15 years, the average annual salary for the period on which contributions were made: Provided, That salaries for determining benefits during any determination period may not exceed the maximum compensation allowed as adjusted for cost of living in accordance with §. See West Virginia Code 18-7A-3
- board: means a county board of education. See West Virginia Code 18-1-1
- Retirement system: means the State Teachers Retirement System established by this article. See West Virginia Code 18-7A-3
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- Teacher: means a teacher, supervisor, principal, superintendent, public school librarian or any other person regularly employed for instructional purposes in a public school in this state. 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
(b) An annuitant whose annuity was approved by the board effective before July 1, 1963, and any annuitant who is eligible for, but does not elect the plan specified in subsection (a) of this section shall receive, upon application, an additional amount equal to twenty-five percent of his present retirement allowance.
(c) Any retired teacher who was an employee of the West Virginia board of Governors or the state Board of Education and who was limited in the amount he could pay into the retirement system to $216 per year from July 1, 1963, to July 1, 1970, and who retired prior to February 1, 1970, shall have the option at any time within six months from the effective date hereof, to pay into the retirement system the difference between such limitations and twice the amount he would have paid therein had he been paying the full amount provided by law for members of the retirement system other than employees of the West Virginia board of Governors or the state Board of Education. Upon completion of such above-named contributions the annuitant shall be entitled to benefits under the formula specified in subsection (a) of this section, plus deposits and tax sheltered annuities, but not including the supplemental benefits permitted pursuant to sections twenty-six-a, twenty-six-b, twenty-six-c and twenty-six-d of this article. Any additional benefit conferred herein shall not be retroactive to the time of retirement, but shall be paid beginning July 1, 1971.