Any transferring member having a qualified domestic relations order against his or her defined contribution account is allowed to repurchase service in the state Teachers Retirement System. The member shall repay any moneys previously distributed to the alternate payee along with the interest as set by the board. To receive full credit for the previous distribution to the alternate payee pursuant to a qualified domestic relations order being repaid to the state Teachers Retirement System, the member shall also pay the Actuarial Reserve, or the one and one-half percent contribution, as the case may be, pursuant to section six of this article. The member shall repay by June 30, 2014. The provisions of this section are void and of no effect if there is no transfer from the Teachers' Defined Contribution Retirement System to the state Teachers Retirement System. An alternate payee is not, solely as a result of that status, a member of either the Teachers' Defined Contribution Retirement System or the state Teachers Retirement System for any purpose under the provisions of this article and no interest held by the alternate payee is transferred to the state Teachers Retirement System pursuant thereto.

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Terms Used In West Virginia Code 18-7D-9

  • Actuarial Reserve: means the Actuarial Reserve Lump Sum Value of the additional service credit being purchased by a member so electing in accordance with the provisions of section six of this article. See West Virginia Code 18-7D-2
  • Board: means the Consolidated Public Retirement Board established in article ten-d, chapter . See West Virginia Code 18-7D-2
  • Defined Contribution Retirement System: means the Teachers'. See West Virginia Code 18-7D-2
  • Member: means any person who has an account balance standing to his or her credit in the Teachers'. See West Virginia Code 18-7D-2
  • 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