Terms Used In West Virginia Code > Chapter 18 > Article 7B - Teachers' Defined Contribution Retirement System

• Annual addition: means , for purposes of the limitations under Section 415(c) of the Internal Revenue Code, the sum credited to a member's account for any limitation year of: (A) Employer contributions. See West Virginia Code 18-7B-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: means an account established for each member to record the deposit of member contributions and employer contributions and interest, dividends, or other accumulations credited on behalf of the member. See West Virginia Code 18-7B-2
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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 Consolidated Public Retirement Board created and established pursuant to §. See West Virginia Code 18-7B-2
• Casual deficit: means a deficit of not more than three percent of the approved levy estimate or a deficit that is nonrecurring from year to year. See West Virginia Code 18-1-1
• compensation: has the meaning given it in §. See West Virginia Code 18-7B-2
• Contract: A legal written agreement that becomes binding when signed.
• Electing charter school: means a public charter school established pursuant to §. See West Virginia Code 18-7B-2
• employee: means the following persons, if regularly employed for full-time service: (A) Any person employed by a public school for instructional service in the public schools of West Virginia. See West Virginia Code 18-7B-2
• Employer: means the agency of and within the State of West Virginia which has employed or employs a member, a county board of education which has employed or employs a member, or an electing charter school which has employed or employs a member. See West Virginia Code 18-7B-2
• Employer contribution: means an amount deposited into the member's individual annuity account on a periodic basis coinciding with the employee's regular pay period by an employer from its own funds. See West Virginia Code 18-7B-2
• Employer error: means an omission, misrepresentation, or deliberate act in violation of relevant provisions of the West Virginia Code, the West Virginia Code of State Regulations, or the relevant provisions of both the West Virginia Code and of the West Virginia Code of State Regulations by the participating public employer that has resulted in an underpayment or overpayment of contributions required. See West Virginia Code 18-7B-2
• Employment term: means employment for at least 10 months in any plan year with a month being defined as 20 employment days. See West Virginia Code 18-7B-2
• Existing employer: means any employer who employed or employs a member of the system. See West Virginia Code 18-7B-2
• Existing retirement system: means the State Teachers Retirement System established in §. See West Virginia Code 18-7B-2
• Fiduciary: A trustee, executor, or administrator.
• 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.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• 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 it has been amended. See West Virginia Code 18-7B-2
• Member contribution: means an amount reduced from the employee's regular pay periods and deposited into the member's individual annuity account within the Teachers' Defined Contribution Retirement System. See West Virginia Code 18-7B-2
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• participating employer: means "employer" unless the context clearly requires otherwise. See West Virginia Code 18-7B-2
• Plan year: means the 12-month period commencing on July 1 of any designated year and ending on the following June 30. See West Virginia Code 18-7B-2
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Public schools: means all publicly supported schools, including normal schools, colleges, and universities in this state. See West Virginia Code 18-7B-2
• Regularly employed for full-time service: means employment in a regular position or job throughout the employment term regardless of the number of hours worked or the method of pay. See West Virginia Code 18-7B-2
• Required beginning date: means April 1 of the calendar year following the later of: (A) The calendar year in which the member attains age 70. See West Virginia Code 18-7B-2
• Retirement: means a member's withdrawal from the active employment of a participating employer and completion of all conditions precedent to retirement. See West Virginia Code 18-7B-2
• School: means the students and teachers assembled in one or more buildings, organized as a unit. See West Virginia Code 18-1-1
• 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
• State board: means the West Virginia Board of Education. See West Virginia Code 18-1-1
• State superintendent: means the state superintendent of free Schools. See West Virginia Code 18-1-1
• superintendent: means a county superintendent of schools. See West Virginia Code 18-1-1
• system: means the Teachers' Defined Contribution Retirement System created and established by this article. See West Virginia Code 18-7B-2
• 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