Terms Used In West Virginia Code > Chapter 18 > Article 7D - Voluntary Transfer From Teachers' Defined Contribution Retirement System to State Teachers Retirement System

• 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
• Actuarial Reserve Adjusted Salary: means either:

  (A) For a member with a full year service credit in the fiscal year ending June 30, 2007, the member'. See West Virginia Code 18-7D-2

• Actuarial Reserve Benefit Date: means the first day of the month coincident with or next following the date at which the member attains the age of sixty, or June 30, 2009, whichever is later. See West Virginia Code 18-7D-2
• Actuarial Reserve Discount Factor: means the annual discount factor applied for the period between June 30, 2009 and the Actuarial Reserve Benefit Date, if any. See West Virginia Code 18-7D-2
• Affirmatively elect to transfer: means the voluntary execution and delivery to the Consolidated Public Retirement Board, by a member of the Teachers'. See West Virginia Code 18-7D-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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assets: means all member contributions and employer contributions made on the member'. 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
• Contract: A legal written agreement that becomes binding when signed.
• Defined Contribution Retirement System: means the Teachers'. See West Virginia Code 18-7D-2
• Dependent: A person dependent for support upon another.
• 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.
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• 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
• 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.
• Salary: means :

  (A) For a member contributing to the Defined Contribution Retirement System during the 2007 fiscal year, the actual salary earned for the 2007 fiscal year divided by the employment service earned in the 2007 fiscal year. See West Virginia Code 18-7D-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
• State Teachers Retirement System: means the state Teachers Retirement System established in article seven-a of this chapter. See West Virginia Code 18-7D-2
• superintendent: means a county superintendent of schools. See West Virginia Code 18-1-1