West Virginia Code 8-22A-14 – Retirement benefits
This section describes when adjustment of a member‘s accrued benefit to reflect the difference in age, in years and months, between the member’s annuity starting date and the date the member attains normal retirement age shall be made. This age adjustment, when required, shall be made based on the normal form of benefit and shall be the actuarial equivalent of the accrued benefit at the member’s normal retirement age. The member shall receive the age adjusted retirement income in the normal form or in an actuarial equivalent amount in an optional form as provided under this article, subject to reduction if necessary to comply with the maximum benefit limitations of Section 415 of the Internal Revenue Code and § 8-22A-10 of this code. The first day of the calendar month following the month of birth shall be used in lieu of any birth date that does not fall on the first day of a calendar month.
Terms Used In West Virginia Code 8-22A-14
- Accrued benefit: means on behalf of any member 2. See West Virginia Code 8-22A-2
- Actuarial equivalent: means a benefit of equal value computed on the basis of the mortality table and interest rates as set and adopted by the board in accordance with the provisions of this article: . See West Virginia Code 8-22A-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 starting date: means the first day of the month for which an annuity is payable after submission of a retirement application or the required beginning date, if earlier. See West Virginia Code 8-22A-2
- Board: means the Consolidated Public Retirement Board. See West Virginia Code 8-22A-2
- Code: shall mean the Code of West Virginia, 1931, as heretofore and hereafter amended. See West Virginia Code 8-1-2
- Member: means , except as provided in §. See West Virginia Code 8-22A-2
- Normal form: means a monthly annuity which is one twelfth of the amount of the member's accrued benefit which is payable for the member's life. See West Virginia Code 8-22A-2
- Normal retirement age: means the first to occur of the following: (1) Attainment of age 50 years and the completion of 20 or more years of regular contributory service. See West Virginia Code 8-22A-2
- retirement: means the first day of the month following or coincident with the latter of the last day the member worked in covered employment or the member's normal retirement age and after completing proper written application for retirement on an application supplied by the board. See West Virginia Code 8-22A-2
- Retirement income payments: means the monthly retirement income payments payable. See West Virginia Code 8-22A-2
Normal retirement. — A member whose annuity starting date is the date the member attains normal retirement age is entitled to his or her accrued benefit without adjustment for age at commencement.
Retirement benefits shall be paid monthly in an amount equal to one twelfth of the retirement income payments elected and at those times established by the board.