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WV Code § 18-7A-15 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-15. Collection of Membership Contributions

Each employer shall each month deduct six percent from the salary of each employee who is a member of the retirement system, in an amount not to exceed the amount named in section fourteen of this article, and shall at the end of each month remit to the retirement board the amounts so deducted, and shall transmit therewith a list of all new members employed and the name and number of members transferring from another county. At such times as the retirement board may deem advisable each employer shall report to the retirement board the total amount so deducted from the salary of each employee. The monthly payments which members would receive from employers as compensation for service in the absence of this article shall be decreased by the amount of the contribution due hereunder.Each employer shall be held accountable for the sum composing the contributions made by its member employees. Whenever any county board of education shall fail to make timely remittance of the member contributions deducted as provided in this section, the board of school finance shall, upon request of the retirement board, deduct from the next allotment of state aid for schools made to such county board, and shall transfer to the retirement board, the amount so in default.
WV Code § 18-7A-16 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-16. Transfer of Appropriations

The retirement board, on receipt of contributions from teachers deducted and remitted by employers as provided in section fifteen of this article, shall make requisition on the State Auditor for an amount equaling such contributions. On receipt of the requisitions duly certified, the State Auditor shall transfer the amount so requisitioned from the general state revenue fund to the employers accumulation fund.At the beginning of each quarter the Governor shall transfer to the employers accumulation fund one fourth of the annual appropriations therefor.
WV Code § 18-7A-18a (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-18a. Calculation of Allocation to Teachers Retirement System Fund

(a) There shall be an annual allocation from the State General Revenue Fund to the Teachers Retirement System Fund, created by section eighteen of this article, equal to the actuarially required contribution, reduced by any employer contributions and other allocated amounts.(b) There shall be an additional allocation in each year an amount equal to the total of all irrevocably forfeited amounts in the suspension account established in section eleven, article seven-b of this chapter plus earnings thereon which have been certified to the several contributing employers as irrevocably forfeited in the prior fiscal year and subsequently used by the contributing employers to reduce their total aggregate contribution requirements pursuant to section seventeen, article seven-b of this chapter.(c) The additional allocation provided in this section represents a funding method by which a part of a rational amortization plan will be established to amortize the current unfunded liability of the Teachers Retirement System created by this article. The additional allocations are not and shall not be construed to be moneys which are owed to, nor earned by any employee.
WV Code § 18-7A-19 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-19. Custody of Funds; Disbursements; Bond of Custodian; Annual Statement

The State Treasurer shall be the custodian of the funds and securities of the retirement system. Disbursements from the funds of the retirement system shall be made by the custodian only upon warrants signed by a member or members of the retirement board, or an official thereof, authorized to do so by resolution of the retirement board. The State Treasurer shall give a separate and additional bond in such amount as may be fixed by the Governor for the faithful performance of the duties as custodian of the retirement system. Such bond shall be approved by the Governor and filed in the same office as are the bonds of other state officers. The cost of such bond shall be paid from the expense fund.The custodian shall furnish annually to the retirement board a sworn statement of the amount of the funds in his custody belonging to the retirement system.
WV Code § 18-7A-20 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-20. Investment of Funds

The members of the retirement board shall be the trustees of the several funds created by this article, and shall determine from time to time what part of the moneys belonging to the retirement system shall be invested. When such board shall determine to invest any moneys or to convert or sell any securities, it shall by resolution so direct the custodian. The board of public works is hereby empowered to determine in what securities the investments shall be made, but such investments shall be made only in those securities to which the board of public works is limited in the investment of workers' compensation funds under section two, article three, chapter twenty-three of this code, or in bonds, notes, or other instruments evidencing loans secured by mortgages or deeds of trust insured, or with respect to which commitments to insure have been made by the United States, or by the secretary of agriculture, pursuant to the Bankhead-Jones Farm Tenant Act of 1937, as heretofore or hereinafter amended. It shall be the duty of every county, school district or municipality issuing any bonds to offer them in writing to the board of public works, prior to advertising the bonds for sale. The board of public works, within fifteen days after receipt of such offer, may accept or reject such offer in whole or in part. It shall be the duty of the custodian to collect the principal and the interest on investments when they become due and payable and to credit such collections to the retirement system.
WV Code § 18-7A-21 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-21. Misuse of Funds; Penalties

No member nor employee of the retirement board, for himself or as an agent or partner of others, or for a corporation of which he is an officer, stockholder or member, shall directly or indirectly borrow any of the funds or deposits of the retirement board or in any manner use such funds except to make such payments as are authorized by the board under this article. Any member or employee violating the provisions of this section shall be guilty of a misdemeanor, and, upon conviction, be fined not more than $1,000 or be imprisoned for one year, or both.
WV Code § 18-7A-22 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-22. Persons Eligible for Prior Service Pensions

The following shall be eligible for prior service pensions:(a) Present members upon retirement;(b) Any person who has served at least twenty-five years as a teacher prior to July 1, 1941; and(c) A new entrant who becomes a present teacher.
WV Code § 18-7A-23 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-23. Withdrawal and Death Benefits

(a) Benefits upon withdrawal from service prior to retirement under the provisions of this article shall be as follows:(1) A contributor who withdraws from service for any cause other than death, disability or retirement shall, upon application, be paid his or her accumulated contributions up to the end of the fiscal year preceding the year in which application is made, after offset of any outstanding loan balance, plus accrued loan interest, pursuant to section thirty-four of this article, but in no event shall interest be paid beyond the end of five years following the year in which the last contribution was made: Provided, That the contributor, at the time of application, is then no longer under contract, verbal or otherwise, to serve as a teacher; or(2) Except as provided in section twenty-five-b of this article, if the inactive member has completed twenty years of total service, he or she may elect to receive at age sixty an annuity which shall be computed as provided in this article: Provided, That if the inactive member has completed at least five, but fewer than twenty, years of total service in this state, he or she may elect to receive at age sixty-two an annuity which shall be computed as provided in this article. The inactive member must notify the retirement board in writing concerning the election. If the inactive member has completed fewer than five years of service in this state, he or she shall be subject to the provisions as outlined in subdivision (1) of this subsection.(b) Benefits upon the death of a contributor prior to retirement under the provisions of this article shall be paid as follows:(1) If the contributor was at least fifty years old and if his or her total service as a teacher or nonteaching member was at least twenty-five years at the time of his or her death, then the surviving spouse of the deceased, provided the spouse is designated as the sole primary refund beneficiary, is eligible for an annuity computed as though the deceased were actually a retirant at the time of death and had selected a survivorship option which pays the spouse the same monthly amount which would have been received by the deceased; or(2) If the facts do not permit payment under subdivision (1) of this subsection, then the following sum shall be paid to the refund beneficiary of the contributor: (A) The contributor's accumulated contributions up to the plan year of his or her death plus an amount equal to his or her member contributions: Provided, That the latter sum shall emanate from the Employer's Accumulation Fund; and (B) the refund beneficiary of any individual who became a member of the retirement system as a result of the voluntary transfer contemplated in article seven-d of this chapter shall also be paid the member contributions plus the vested portion of employer contributions made on his or her behalf to the Teachers' Defined Contribution Retirement System, plus any earnings thereon, as of June 30, 2008, as stated by the retirement board.
WV Code § 18-7A-23a (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-23a. Terminal Benefits

(a) This section provides for the payment of the balance in a retired member's account to paid in the manner described in this section in the event that all claims to benefits payable to, or on behalf of, a member expire before his or her member account has been fully exhausted. The expiration of the rights to benefits would be on the later of either the death of the retired member drawing benefits under a straight life annuity, or the death of a survivor annuitant drawing benefits under any optional form of benefit selected by the retired member.(b) In the event that all claims to benefits payable to, or on behalf of, a retired member expire, and the accumulated contributions exceed the accumulated net benefit payments paid to or on behalf of the retired member, the balance in the retired member's account shall be paid to the person or persons as the retired member has nominated by written designation duly executed and filed with the board of trustees. If there is no designated person or persons surviving the retired member following the expiration of the claims, the excess of the accumulated contributions over the accumulated net benefit, if any, shall be paid to the retired member's estate: Provided, That the provisions of this section are retroactive to all members who entered retirement status on or after June 9, 2000.
WV Code § 18-7A-25a (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-25a. Prohibited Forced Retirement of College and University Professors

As of the effective date of this section, no person serving under a contract of unlimited tenure or similar arrangement providing for unlimited tenure at an institution of higher education shall be compelled to retire from such employment prior to attaining seventy years of age. In the event such person shall reach age seventy in the middle of a semester or fiscal year, such person shall not be compelled to retire prior to the end of the semester or fiscal year: Provided, That in no event shall such retirement be postponed beyond six months after the date on which such person attained the age of seventy: Provided, however, That nothing in this section shall be construed to preclude discharge of such person for cause.
WV Code § 18-7A-26a (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-26a. Additional Benefits for Certain Annuitants

Annuitants whose annuities were approved by the retirement board on or before December 18, 1962, shall, upon written application, receive in addition to such approved annuities a monthly allowance computed as follows: The annuitant's years of service shall be multiplied by $30 and this product shall then be divided by his monthly retirement allowance, as computed prior to the above-stated date, excluding any portion of said allowance which is based on voluntary deposits of the annuitant.In addition thereto, beginning July 1, 1965, each annuitant under the provisions of this section shall receive a monthly amount equal to 76¢ multiplied by his total service credit.
WV Code § 18-7A-26b (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-26b. Supplemental Benefits for Certain Annuitants

As an additional supplement to other retirement allowances provided, each annuitant whose annuity was approved by the retirement board prior to January 1, 1967, shall receive a monthly amount equal to 25¢ multiplied by his total service credit.
WV Code § 18-7A-26c (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-26c. Supplemental Benefits for Certain Annuitants

As an additional supplement to other retirement allowances provided, each annuitant whose annuity was approved by the retirement board prior to January 1, 1969, shall receive a monthly amount equal to 50¢ multiplied by his total service credit.
WV Code § 18-7A-26d (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-26d. Supplemental Benefits for Certain Annuitants

As an additional supplement to other retirement allowances provided, each annuitant whose annuity was approved by the retirement board prior to July 1, 1970, shall receive, upon application, an amount equal to twenty-five percent of his present retirement allowance.
WV Code § 18-7A-26e (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§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.(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.
WV Code § 18-7A-26f (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-26f. Supplemental Benefits for Certain Annuitants

As an additional supplement to other retirement allowances provided, each annuitant whose retirement allowance became effective during the respective dates indicated in this section shall receive, upon application, an increased amount, payable monthly, which is the product of his present retirement allowance multiplied by the percentage increase applicable, according to the effective date of retirement and according to the plan of retirement, as provided by the schedule below.Effective Date ofPercentage ofRetirementRetirement Allowance IncreaseJuly 1, 1941 through June 30, 1953 16.00%July 1, 1953 through June 30, 1963 19.00%July 1, 1963 through June 30, 1965 14.00%July 1, 1965 through June 30, 1966 10.50%July 1, 1966 through June 30, 1968 9.50%July 1, 1968 through June 30, 1969 6.00%July 1, 1969 through June 30, 1970 9.00%Any additional benefit conferred herein shall not be retroactive to the time of retirement, but shall be paid as follows: One half of the respective retirement allowance percentage increase shall become effective July 1, 1973, and one half of the respective retirement allowance percentage increase shall become effective July 1, 1974.
WV Code § 18-7A-26g (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-26g. Supplemental Benefits for Certain Annuitants

From an appropriation of General Revenue Funds made annually by the Legislature for this purpose and as an additional supplement to other retirement allowances, each annuitant whose retirement allowance became effective during the respective dates indicated in this section shall receive, upon application, an amount which is the product of his present retirement allowance, including all of the supplemental benefits provided in the preceding section of this article, multiplied by the percentage increase applicable, according to the effective date of retirement and according to the plan of retirement, as provided by the schedule below.Effective Date Percentage of Retirement of Retirement Allowance IncreaseJuly 1, 1941 through June 30, 1953 13.50%July 1, 1953 through June 30, 1963 15.25%July 1, 1963 through June 30, 1965 12.25%July 1, 1965 through June 30, 1966 9.00%July 1, 1966 through June 30, 1968 8.75%July 1, 1968 through June 30, 1969 5.50%July 1, 1969 through June 30, 1970 8.25%Any additional benefit conferred herein shall not be retroactive to the time of retirement, but shall be paid beginning July 1, 1975.
WV Code § 18-7A-26h (2021)
2021 West Virginia Code|Chapter 18. Education|Article 7A. State Teachers Retirement System|§18-7A-26h. Supplemental Benefits for Certain Annuitants

Any annuitant who is receiving a retirement annuity of less than $7,500 annually on the effective date of this section shall receive a supplemental benefit, prospectively, under this section: Provided, That the effective date of retirement for such annuitant was prior to July 1, 1979, and he had ten years or more of credited service at the time of such retirement. For the purposes of this section, "effective date of retirement" means the last day of actual employment, or the last day carried on the payroll of the employer, whichever is later, together with a meeting fully of all eligibility requirements for retirement prior to the aforesaid effective date. Any annuitant retired pursuant to the disability provisions of this article shall be considered to have had ten years or more credited service at the time of such retirement.Each such annuitant shall receive as his supplemental benefit an increased annual amount which is the product of the sum of $18 multiplied by his years of credited service: Provided, That the total annuity of any annuitant affected by the provisions of this section, together with any of the other provisions of this article, shall not exceed $7,500 annually.Any annuitant receiving the supplemental benefit provided for herein for the annuity payment period just prior to July 1, 1985, or any annuitant made newly eligible for receipt of such supplemental benefit on such date, shall receive a nineteen percent increase in the amount of such supplemental benefit prior received or newly calculated, effective on and after July 1, 1985, and irrespective of the maximum total annuity proviso, and limitation of $7,500 annually. In any fiscal year in which pay increases are granted by the Legislature to active teachers, there may also be given an increase in retirement benefits for retired teachers, if funding is available for this purpose.For the purpose of calculating the supplemental benefit provided in this section, fractional parts of a service credit year are to be disregarded unless in excess of one half of a credited service year, in which event the same shall constitute a full year of service credit.On or after July 1, 1982, for the purpose of computation for determination of eligibility and for the amount of any supplemental benefit hereunder, separate computation shall be made of a retirant's own benefit and that which may be receivable as beneficiary of another, under the provisions of this article, with each such benefit being eligible for the supplemental benefit herein provided.