reglab/statecodes huggingface dataset:
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-02 - Benefit Determination and Appeal › Section 162-2-3 - Disability Medical Reports

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. The
				applicant and the employing agency shall furnish all current and relevant
				medical reports in their possession, including a report from a physician, to
				the Board. The applicant shall obtain any additional information requested by
				the Board and shall complete any other forms and answer any other questions
				from the Board as may be appropriate. The Board shall only consider a medical
				report if the author of the report is a -physician licensed in West Virginia or
				the jurisdiction in which he or she is located. At the request of the Board the
				applicant may be examined by an independent physician appropriate to the nature
				of the claimed disability. The cost of this examination shall be paid by the
				Board. These reports shall state a clear and understandable opinion as to
				whether or not the applicant is disabled as defined by then current applicable
				West Virginia law. The Board shall employ the faculty and staff of the Marshall
				University School of Medicine, the West Virginia University School of Medicine,
				or the West Virginia School of Osteopathic Medicine, whenever
				appropriate.
3.2. Disability
				Definitions
3.2.a. For members of the Public
				Employees Retirement System, "totally and permanently incapacitated for
				employment" means a member' s inability to engage in substantial gainful
				activity by reason of any medically determined physical or mental impairment
				that can be expected to result in death, or has lasted and can be expected to
				last for a continuous period of not less than twelve months. In order for a
				member of the Public Employees Retirement System to be eligible to be retired
				by the Board on account of the incapacity, the evidence must demonstrate that
				as a result of the impairment, the member's incapacity is so severe that on a
				probably permanent basis, he or she is not only unable to perform his or her
				previous state employment, but also cannot, considering his or her age,
				education and work experience, engage in any other kind of substantial gainful
				employment which exists in the state, regardless of whether:
(A) the work exists in the immediate area in
				which the member lives;
(B) a
				specific job vacancy exists; or
(C)
				the member would be hired if he or she applied for work. Evidence demonstrating
				that the member has been awarded disability benefits by the Social Security
				Administration shall be considered by any Board selected physician in his or
				her examination of the member.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-02 - Benefit Determination and Appeal › Section 162-2-4 - Initial Determination

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. The
				Executive Director of the Board or his or her designee, and two staff members
				appointed by the Executive Director, constitute the Staff Review Committee. The
				Staff Review Committee shall review all reports and other evidence from all
				sources and shall make a recommendation consistent with the evidence, the
				applicable Laws and Rules and the purpose of the individual retirement system
				to the Board Review Committee, comprised of at least three Board members and
				appointed by the Board. Based on information submitted by the Board Review
				Committee, the full Board shall then consider the recommendations of the Board
				Review Committee and is free to make any finding consistent with the facts. If
				the applicant is not granted disability retirement benefits, the Board shall
				inform the applicant in writing of its decision and the basis for the decision.
				The notification shall state, with specificity, the action which the applicant
				may take to pursue an administrative appeal of the Board's denial of the
				disability application.
4.2.
				Following Board approval of a disability retirement, an applicant of a defined
				benefit retirement system shall submit all required forms to the Board within
				six (6) months to commence his or her disability retirement annuity. If the
				applicant fails to meet this requirement, the disability award terminates and
				the member shall file a new application for disability retirement. All medical
				examination costs associated with the new application process are the sole
				responsibility of the member.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-02 - Benefit Determination and Appeal › Section 162-2-5 - Second Review

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. If the
				Board does not grant disability retirement benefits upon the Board's initial
				review of the applicant's disability retirement application, the applicant has
				two options. Within sixty (60) days of receipt of the notice of denial from the
				Board, the applicant may request an additional examination by another physician
				chosen by the Board at the applicant's expense and thereafter submit additional
				medical information, or the applicant may appeal the Board's decision to a
				hearing officer appointed by the Board as stated in section 6 of this
				rule.
5.2. If additional medical
				information is obtained, the Staff Review Committee shall review the new
				information concerning disability retirement benefits. The application should
				include all reports and other evidence, as well as any new information. The
				Staff Review Committee shall make a second recommendation to the Board Review
				Committee either to grant or not to grant disability retirement benefits. The
				Board Review Committee may adopt the new recommendation of the Staff Review
				Committee, remand the application for further study, or make any other
				recommendation consistent with the facts. Based on information submitted by the
				Board Review Committee, the full Board shall then consider the current
				recommendations and shall make any finding consistent with the facts.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-02 - Benefit Determination and Appeal › Section 162-2-8 - Appeal Denied

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. If an
				appeal is denied in whole or in part by the Board pursuant to sections 6 or 7
				of this rule and a final decision is issued, an applicant may request a
				transcript of the appeal hearing, with the cost to be paid by the applicant. An
				individual aggrieved by a final decision of the Board has a right of appeal to
				the Circuit Court of Kanawha County pursuant to W. Va. Code
				§
									29A-5-4.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-02 - Benefit Determination and Appeal › Section 162-2-9 - Reconsideration of Final Order

Current through Register Vol. XLI, No. 28, July 12, 2024
9.1. The Board
				may reconsider a final order during the meeting in which it was approved or at
				the next scheduled Board meeting. If the Board votes to reconsider a final
				order at its next scheduled Board meeting, the Board will table any action on
				the final order and place the final order on its agenda for its next scheduled
				meeting and give the applicant and his or her counsel at least ten (10) days
				notice prior to the Board meeting.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-02 - Benefit Determination and Appeal › Section 162-2-10 - Annual Statement

Current through Register Vol. XLI, No. 28, July 12, 2024
10.1. The Board
				may require a disability benefit recipient awarded a disability retirement
				under the provisions of this rule to file an annual statement of earnings and
				any other financial information required by the Board. If a disability
				recipient refuses to file the statement or financial information as requested
				by the Board, the Board shall suspend the disability benefit until the
				statement or financial information is filed. If the refusal continues for one
				(1) year, the Board shall terminate the recipient's right to the disability
				benefit.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-02 - Benefit Determination and Appeal › Section 162-2-11 - Errors

Current through Register Vol. XLI, No. 28, July 12, 2024
11.1. Each level of review is presumed to
				cure all errors in procedure of any prior level, and no right to remand to cure
				procedural errors exists, but each level of review shall make an independent
				determination upon the facts.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-03 - Teachers' Defined Contribution Retirement System › Section 162-3-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. - The scope of this Rule is the
				interpretation, administration and application of the Teachers' Defined
				Contribution Retirement System by the Board.
1.2. Authority. - W. Va. Code
				§ 5-1OD-1.
1.3. Filing Date.
				--June 28, 2016.
1.4. Effective
				Date. -June 28, 2016.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-03 - Teachers' Defined Contribution Retirement System › Section 162-3-2 - Purpose

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. General. The purpose of the Teachers'
				Defined Contribution Retirement System is to provide a mandatory defined
				contribution retirement program for all employees who did not select to
				transfer to the Teachers' Retirement System in accordance with W. Va. Code
				§18-7D et seq. The Teachers' Defined Contribution Retirement System is
				fully funded on a current basis from employer and member
				contributions.
2.2. Exclusive
				benefit. The Teachers' Defined Contribution Retirement System has been created
				for the exclusive benefit of the members and their beneficiaries subject to the
				limitations in W. Va. Code §
									18-7B-11 with respect to forfeiture. The
				Board shall interpret the system in a manner consistent with this intent and
				with the intention that the System satisfy the applicable provisions of Section
				401 and Section 501 of the Internal Revenue Code of 1986, as amended, with
				respect to governmental plans.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-03 - Teachers' Defined Contribution Retirement System › Section 162-3-4 - Contributions to the Trust

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Member
				contributions. Each employee who is a member of the Teachers' Defined
				Contribution Retirement System shall contribute four and one-half percent (4
Vi%)
of his or her gross compensation. Member contributions
				shall be picked up by each participating employer pursuant to W. Va. Code
				§ 5-1OC-1 et seq. The Teachers' Defined Contribution Retirement System is
				subject to United States Internal Revenue Code §414(h)(2) [ 25 U.S.C.
				§414(h)(2) ]. Each participating employer shall cause the member
				contributions to be paid to the Teachers' Defined Contribution Retirement
				System within fifteen (15) days of the pay date. Any participating employer who
				fails to make any payment due the Teachers' Defined Contribution Retirement
				System by the fifteenth (15th) day following the pay date shall be considered
				delinquent and may be required to pay earnings lost on the member contributions
				at the actuarial rate of return determined for the Teachers' Retirement System.
				Accrual of the loss in earnings owed by the delinquent employer commences after
				the fifteenth (15th) day following the pay date in which the contributions are
				due and continues until receipt of the delinquent member
				contributions.
4.2. Employer
				contributions. Each participating employer shall annually make a contribution
				equal to seven and one-half percent (7
lA%)
of each member's gross
				compensation. A pro-rata share of the employer contributions shall be paid upon
				each date that a member contribution is made. The employer contribution shall
				be immediately credited to the annuity account established in the name of the
				member and held in trust for the benefit of the member. Each participating
				employer has a fiduciary duty to its employees to insure that the employer
				contributions are timely made to the Board. In the event that any employer
				contribution is not timely made, it is a State debt, contracted as a deficit in
				State revenues, to be accorded preferred status over other expenditures. Each
				participating employer shall cause the employer contributions to be paid to the
				Teachers' Defined Contribution Retirement System within fifteen (15) days of
				the pay date. Any participating employer who fails to make any payment due the
				Teachers' Defined Contribution Retirement System by the fifteenth (15th) day
				following the pay date shall be considered delinquent and may be required to
				pay earnings lost on the employer contributions at the actuarial rate of return
				determined for the Teachers' Retirement System. Accrual of the loss in earnings
				owed by the delinquent employer commences after the fifteenth (15th) day
				following the pay date in which the contributions are due and continues until
				receipt of the delinquent employer contributions.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-03 - Teachers' Defined Contribution Retirement System › Section 162-3-5 - Administration of Annuity Accounts

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1.
				Investments. The amounts allocated to the employer account and member account
				of each member's annuity account shall be invested by the Board in one or more
				investment options elected by the member. Each member may elect to have the
				balance accumulated in his or her annuity account invested by the Board in one
				or more investment options made available by the Board. The investment options
				may include:
(1) a money market fund;
(2) a bond fund;
(3) a stock fund, and
(4) other investment options offered by the
				Board. If the member elects more than one investment option, the member's and
				employer's contributions shall be allocated to each investment option in
				increments of one percent (1%) of the total contribution.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-03 - Teachers' Defined Contribution Retirement System › Section 162-3-6 - Vesting

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. Member contributions one hundred percent
				(100%) vested. The member's portion of the annuity account is comprised of
				member contributions, reinstatements, rollover contributions, and earnings and
				is one hundred percent (100%) vested at all times.
6.2. Vesting employer contributions on death
				or permanent and total disability. If a member's employment with a
				participating employer is terminated on account of death or permanent and total
				disability, one hundred percent (100%) of the employer contributions, with
				earnings on such contributions, in the member's annuity account, is
				non-forfeitable and immediately vests.
6.3. Employer account vesting on termination.
				If a member's employment is terminated, except for death or permanent and total
				disability, the following percentages in the employer portion of the member's
				annuity account vest and the Board shall distribute to or set aside the money
				for the member in accordance with Section 7 of this Rule.
Total Years of Employment Service for Vesting
VESTED PERCENTAGE OF EMPLOYER CONTRIBUTIONS AND
							 EARNINGS THEREON
At least 6 completed years, but less than 9
33 1/3%
At least 9 completed years, but less than 12
66 2/3%
At least 12 completed years
100%
6.3.1. The
				employer's portion of the member's annuity account of a terminated member which
				is not vested as provided in this subsection shall be retained by the Board in
				a suspension account in accordance with W. Va. Code §
										18-7B-11.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-03 - Teachers' Defined Contribution Retirement System › Section 162-3-7 - Distribution of Benefits

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. Method of
				distribution of vested member annuity account. A terminated member shall elect
				in writing to receive a distribution of the vested portion of his or her
				annuity account in one of the following forms, to the extent not inconsistent
				with the applicable provisions of the Internal Revenue Code or W. Va. Code
				§
									18-7B-12a:
(1) a lump-sum distribution;
(2) periodic payments as selected
				by the member over a period of no less than three (3) years;
(3) a rollover; or
(4) any other annuity forms approved by the
				Board.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-03 - Teachers' Defined Contribution Retirement System › Section 162-3-8 - Termination

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. One hundred percent (100%) vesting on
				termination of plan. Upon termination or partial termination of the Teachers'
				Defined Contribution Retirement System and Trust by formal action of the State
				or for any other reason, or if employer contributions are permanently
				discontinued for any reason, there shall be vested one hundred percent (100%)
				in each member directly affected by that action the amount allocated to the
				annuity account of each member, and the Board shall make payment to the member
				in cash as soon as practicable after liquidation of the assets of the
				trust.
8.2. Plan merger of
				consolidation. In the case of any merger or consolidation with, or transfer of
				any assets or liability to, any other plan, each member in this plan is
				entitled to receive (if the surviving plan is then terminated) a benefit
				immediately after the merger, consolidation or transfer which is equal to or
				greater than the benefit he or she would have been entitled to receive
				immediately before the merger, consolidation or transfer (if this plan had
				terminated).
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-03 - Teachers' Defined Contribution Retirement System › Section 162-3-9 - Refund of Erroneous Contributions

Current through Register Vol. XLI, No. 28, July 12, 2024
9.1.
				To the extent permissible under the provisions of section 401(a) et seq. of the
				Internal Revenue Code and the guidance issued thereunder, the Teachers' Defined
				Contribution Retirement System may refund any erroneous contributions made to
				the Teachers' Defined Contribution Retirement System upon proper transmittals
				by Board's staff. The Board's staff may request the refund if it determines it
				is appropriate and permissible under the provisions of section 401 (a) et seq.
				of the Internal Revenue Code and guidance issued thereunder, after receiving
				from the executive officer of the payroll records of a participating employer
				an explanation of the reason for making the erroneous contributions and the
				amount of the erroneous contributions.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-03 - Teachers' Defined Contribution Retirement System › Section 162-3-10 - Miscellaneous

Current through Register Vol. XLI, No. 28, July 12, 2024
10.1. Laws of the State of West Virginia to
				apply. This plan shall be construed according to the laws of the State of West
				Virginia to the extent federal laws do not control.
10.2. Filing tax returns and reports. The
				Board, or its duly appointed designee, shall prepare, or cause to be prepared,
				all tax returns, reports and related documents, except as otherwise
				specifically provided.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-04 - Teachers' Retirement System › Section 162-4-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. - This rule establishes the
				eligibility for membership and the general administrative procedures in the
				Teachers' Retirement System.
1.2.
				Authority. - W. Va. Code § 5-1OD-1.
1.3. Filing Date. -June 28, 2016.
1.4. Effective Date. -June 28, 2016.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-04 - Teachers' Retirement System › Section 162-4-3 - Membership Eligibility

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Membership
				eligibility in this system closed as of July 1, 1991. Provided, That membership
				eligibility in this system is reopened for any individual who becomes a member
				of the Teachers' Retirement System for the first time on or after July 1,2005,
				or any individual who becomes a member of the Teachers' Retirement System as a
				result of the voluntary transfer contemplated in W. Va. Code §
									18-7D-1 et
				seq.
3.2. Membership ceases:
3.2.1. Upon death of the member;
3.2.2. Upon the effective retirement date of
				the member;
3.2.3. Upon withdrawal
				of accumulated contributions by the member;
3.2.4. Upon transfer of assets to the West
				Virginia Teachers' Defined Contribution Retirement System; or
3.2.5. Upon the date, if any, when after the
				cessation of service, the outstanding loan balance of any loan obtained by a
				member, plus accrued interest, equals or exceeds the member's accumulated
				contributions.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-04 - Teachers' Retirement System › Section 162-4-4 - Service Credit

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. One year
				service credit. A member of the system shall receive one year of service credit
				for each school term or fiscal year completed. The Board shall determine in
				each case what part of a year taught constitutes a year of credit.
4.1.1. Summer teaching shall not generate
				additional service credit when the time taught is included in the year of
				service credit already granted and the member's salary is subject to regular
				contributions and inclusion in the member's fiscal year salary.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-04 - Teachers' Retirement System › Section 162-4-5 - Monthly Benefits

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. Monthly
				benefit options. Members who make contributions to the Retirement System, who
				qualify for benefits because of age, disability or service, shall select one of
				the following options, subject to the provisions of W. Va. Code §
									18-7A-1
				et seq.:
5.1.1. Straight Life Annuity. Monthly
				benefits for the lifetime of the retirant. The retirant's death terminates this
				option. In the event of the retirant's death before the total benefits received
				equal the member's accumulated contributions at retirement, the plan shall pay
				a sum equal to the balance of the remaining accumulated contributions to the
				named beneficiary or the estate.
5.1.2. 100% Joint & Survivor Annuity.
				Monthly benefits payable for the lifetime of the retirant. If the retirant dies
				prior to the beneficiary, the monthly benefit would be continued in the same
				amount to the beneficiary for the lifetime of the beneficiary. If the
				beneficiary dies prior to the retirant, the monthly benefit would be continued
				in the same amount to the retirant for the lifetime of the retirant.
5.1.3. 50% Joint & Survivor Annuity.
				Monthly benefits payable for the lifetime of the retirant. If the retirant dies
				prior to the beneficiary, the monthly benefit would be continued for half the
				amount to the beneficiary for the lifetime of the beneficiary. If the
				beneficiary dies prior to the retirant, the monthly benefit would be continued
				in the same amount to the retirant for the lifetime of the retirant.
5.1.4. Ten Year Certain & Life Annuity.
				Monthly benefits payable for the lifetime of the retirant. If the retirant dies
				before having received a total of one hundred twenty (120) payments, the
				balance of payments continues to the retirant's named beneficiary or contingent
				beneficiary, if living; otherwise, the plan shall pay the present value of the
				payments to the retirant's estate.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-04 - Teachers' Retirement System › Section 162-4-6 - Retirement

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. A member's active membership ceases upon
				the retirant's effective retirement date and the status of a retirant may only
				be affected by an action of the Board.
6.1.1.
				The Board shall, if requested by the retirant or beneficiary, make those
				withholdings from the monthly benefit that are necessary to provide for the
				continuance of the insurance program carried by the member with the West
				Virginia Public Employees Insurance Agency.
6.1.2. The Board shall, if requested by the
				retirant or beneficiary or if required by law, make those withholdings from the
				monthly benefit that are necessary to pay federal withholding taxes.
6.1.3. The Board shall furnish, as required
				by state and federal law and regulations, those forms and reports related to
				the retirement annuity necessary for the retirant or beneficiary to comply with
				the laws and regulations.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-04 - Teachers' Retirement System › Section 162-4-7 - Termination of Membership and Withdrawal

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1.
				Termination of membership by death. If a member who dies was at least fifty
				(50) years of age and had twenty-five (25) years of service credit, the
				surviving spouse shall receive a 100% Joint & Survivor Annuity, provided
				the surviving spouse is designated as the member's sole refund beneficiary.
7.1.1. In the event the member's spouse does
				not qualify for an annuitized benefit at the death of the member, the member's
				beneficiary shall receive the sum prescribed in W. Va. Code §
										18-7A-23(b)(2).
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-04 - Teachers' Retirement System › Section 162-4-8 - Loan Repayment

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. In order to
				comply with the provisions of section 72(p) of the United States Internal
				Revenue Code of 1986 as required by W. Va. Code §
									18-7A-34, upon the
				retirement of a member including retirement for disability or withdrawal prior
				to retirement, any unpaid loan balance including any compounded interest due
				shall be repaid in full by the member prior to retirement or withdrawal in one
				of the following manners:
8.1.1. Payment in
				full with personal funds;
8.1.2.
				Offset by means of lump sum deduction from the member's refund of accumulated
				contributions; or
8.1.3. Offset by
				means of an actuarial reduction of the member's monthly benefit. The reduction
				of the member's monthly benefit shall be determined by deducting from the
				actuarial reserve for the accrued benefit the lump sum amount of the unpaid
				loan balance including any compounded interest due and then converting the
				remainder of the reserve to a monthly benefit payable in the form elected by
				the member.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-04 - Teachers' Retirement System › Section 162-4-9 - Refunds of Contributions Where an Annuity May Be Payable

Current through Register Vol. XLI, No. 28, July 12, 2024
9.1. Any member of the Retirement System who
				terminates employment after attaining age sixty (60) and who has five (5) or
				more years credited service and is otherwise entitled to an annuity payable
				from the Retirement System, is not eligible for a refund of contributions made
				to the Retirement System, but, in lieu thereof, is entitled to a monthly
				annuity payable pursuant to W. Va. Code §
									18-7A-25.
9.2. Any member of the Retirement System who
				terminates employment before attaining age sixty (60) and who is otherwise
				entitled to a regular annuity payable from the Retirement System at the time of
				his or her application for a refund, is not eligible for a refund of
				contributions made to the Retirement System, but, in lieu thereof, is entitled
				to a monthly annuity payable pursuant to W. Va. Code §
									18-7A-25.
9.3. Any member of the Retirement System who
				terminates employment before attaining age sixty (60) and who is not
				immediately entitled to a regular annuity payable from the Retirement System,
				even though he or she may be entitled to deferred benefits, is entitled to a
				refund of contributions upon written application filed with the Retirement
				System.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-04 - Teachers' Retirement System › Section 162-4-10 - Surcharge for Delinquency of Employer and Employee Contributions

Current through Register Vol. XLI, No. 28, July 12, 2024
10.1. Any participating employer who fails to
				make any payment due the Retirement System by the fifteenth (15th) day
				following the end of each calendar month in which the contributions are due may
				be required to pay the actuarial rate of interest lost on the total employee
				and employer contributions owed for each day the payment is delinquent. Accrual
				of the loss in earnings owed by the delinquent employer commences after the
				fifteenth (15th) day following the end of the calendar month in which the
				contributions are due and continues until receipt of the delinquent employee
				and employer contributions. Interest compounds daily and the minimum surcharge
				is fifty (50) dollars.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-04 - Teachers' Retirement System › Section 162-4-11 - Refund of Erroneous Contributions

Current through Register Vol. XLI, No. 28, July 12, 2024
11.1. To the extent permissible under the
				provisions of section 401(a) et seq. of the Internal Revenue Code and the
				guidance issued thereunder, the State Auditor and State Treasurer may refund
				from the funds of the Retirement System any erroneous contributions made to the
				System upon proper transmittals by the Board's staff. The Board's staff may
				request the refund if it determines it is appropriate and permissible under the
				provisions of section 401 (a) et seq. of the Internal Revenue Code and guidance
				issued thereunder, after receiving from the executive officer of the payroll
				records of a participating employer an explanation of the reason for making the
				erroneous contributions and the amount of the erroneous
				contributions.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This rule establishes the
				eligibility for membership and the general administrative procedures in the
				Public Employees Retirement System.
1.2. Authority. -- W. Va. Code §
									5-10D-1.
1.3. Filing Date. -- April 7, 2014.
1.4. Effective Date. -- May 8,
				2014.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. Board. - The West Virginia Consolidated
				Public Retirement Board.
2.2.
				Retirement System. - The West Virginia Public Employees Retirement
				System.
2.3. Full-time employment.
				- Employment of an employee by a participating public employer in a position
				which normally requires twelve (12) months per calendar year service and
				requires at least one thousand forty (1,040) hours per calendar year service in
				that position.
2.4. Increment Pay.
				- A specific monetary amount guaranteed to be regularly paid to a full-time
				employee.
2.5. Insurable Interest.
				- Insurable Interest means an interest that arises from the ties of blood or
				marriage to the member that will justify a reasonable expectation or advantage
				or benefit from the continuance of his or her life, or that relationship where
				a person has a legal claim on the member for service or support from the
				personal relationship between them, and where he or she has a reasonable right
				to expect some pecuniary advantage from the continuance of the life of the
				member.
2.6. Part-time employment.
				- Employment of an employee by a participating public employer in a position
				which requires less than one thousand forty (1,040) hours per calendar year
				service in that position.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-3 - Interest

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. For the purpose of calculating interest
				to the members deposit fund, interest is four percent (4%) per annum computed
				annually.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-4 - Service Credit

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. In crediting service to full-time
				employees paid on a salary basis:
4.1.a. A
				day of service means a day in which an employee works or has worked four (4) or
				more hours for the state or other participating public employer with
				pay.
4.1.b. The Board shall credit
				a member with a calendar month of service for any calendar month in which the
				employee received one-half or more of the employee's normal monthly salary. For
				any calendar month in which the employee received less than one-half of his or
				her normal monthly salary, no service credit shall be credited to the employee
				in that calendar month.
4.1.c. The
				Board shall credit ten (10) or more months of service in a calendar year as a
				calendar year's service.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-5 - Final Average Salary

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. In computing a member's final average
				salary, the Board shall follow the following procedure:
5.1.a. Compensation shall not be considered
				for any period for which service is not credited;
5.1.b. Increment pay received by an employee
				at the termination of employment shall be added to the compensation of the last
				month in which service is credited;
5.1.c. Increment pay received by an hourly
				employee at the termination of employment shall be added to the last month in
				which compensation is received.
5.1.d. The fifteen (15) years of credited
				service immediately preceding the date in which the member last received
				service credit with a participating public employer is the one hundred seventy
				nine (179) months of service preceding the last month of service before
				retirement;
5.1.e. The three (3)
				consecutive years of service for which the member's compensation was the
				highest is the highest aggregate of his or her compensation for the thirty-six
				(36) consecutive months of service contained within the one hundred seventy
				nine (179) months of service, plus the last month of service determined in
				Subsection 5.1.d. of this Rule; and
5.1.f. The member's final average salary
				shall be one-third (1/3) of the aggregate salary determined in Subsection
				5.1.e. of this Rule.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-6 - Refund of Erroneous Contributions

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. To the
				extent permissible under the provisions of section 401(a) et seq. of the
				Internal Revenue Code and the guidance issued thereunder, the State Auditor and
				State Treasurer may refund from the funds of the Retirement System any
				erroneous contributions made to the System upon proper transmittals by the
				Board's staff. The Board's staff may request the refund if it determines it is
				appropriate and permissible under the provisions of section 401(a) et seq. of
				the Internal Revenue Code and guidance issued thereunder, after receiving from
				the executive officer of the payroll records of a participating public employer
				an explanation of the reason for making the erroneous contributions and the
				amount of the erroneous contributions.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-7 - Verification of Prior Service

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. The
				Board shall accept a certificate from the executive office or the payroll
				records of the employer as evidence of service prior to July 1, 1961, and as
				evidence of the date the public employer elected to become a member of the
				Retirement System.
7.2. The
				certificate and affidavits submitted by the employer shall show the member's
				full name (no initials), the name of the employer and the exact dates of the
				prior service.
7.3. Copies of W-2
				Forms furnished an employee, bona fide copies of Internal Revenue Tax Returns,
				or records of Health, Education and Human Services or Internal Revenue Service
				which show gross earnings and the employee's and the employer's name shall be
				considered sufficient evidence of prior service.
7.4. In the event a member cannot obtain the
				certificate specified in subsections 7.1. and 7.2. of this Rule, the Board may
				grant prior service credit to the member furnishing two (2) affidavits to the
				Retirement System from two (2) credible persons who worked with the member
				during the periods stated or who had personal knowledge of the
				employment.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-8 - Employer Contributions

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. Each
				participating public employer shall contribute nine and five-tenths percent
				(9.5%) of each compensation payment of all its employees who are members of the
				Public Employees Retirement System: Provided, That beginning on the first day
				of July, two thousand three, each participating public employer shall
				contribute ten and five-tenths percent (10.5%) of each compensation payment of
				all its employees who are members of the Public Employees Retirement System:
				Provided, however, That beginning on July 1, 2009, each participating public
				employer shall contribute eleven percent (11.0%) of each compensation payment
				of all its employees who are members of the Public Employees Retirement System:
				Provided further, That beginning on July 1, 2010, each participating public
				employer shall contribute twelve and five-tenths percent (12.5%) of each
				compensation payment of all its employees who are members of the Public
				Employees Retirement System: And provided further, That beginning on July 1,
				2011, each participating public employer shall contribute fourteen and
				five-tenths percent (14.5%) of each compensation payment of all its employees
				who are members of the Public Employees Retirement System: And provided
				further, That beginning July 1, 2012, each participating public employer shall
				contribute fourteen percent (14%) of each compensation payment of all its
				employees who are members of the Public Employees Retirement System: And
				provided further, That beginning July 1, 2013, each participating public
				employer shall contribute fourteen and five-tenths percent (14.5%) of each
				compensation payment of all its employees who are members of the Public
				Employees Retirement System: And provided further, That beginning July 1, 2014,
				each participating public employer shall contribute fourteen percent (14.0%) of
				each compensation payment of all its employees who are members of the Public
				Employees Retirement System.
8.2.
				The sums are due the Public Employees Retirement System at the end of each
				calendar month in arrears and shall be paid not later than fifteen (15) days
				following the end of the calendar month. Each remittance shall be accompanied
				by a detailed summary of the sums withheld from the compensation of each member
				and the credited service each employee was entitled to for that month on forms,
				either paper or electronic, provided by the Public Employees Retirement System
				for that purpose.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-9 - Employee Contributions

Current through Register Vol. XLI, No. 28, July 12, 2024
9.1. All
				participating public employers shall withhold four and five-tenths percent
				(4.5%) from the gross compensation of each member.
9.2. The sums withheld each calendar month
				are due the Retirement System at the end of each calendar month and shall be
				paid not later than fifteen (15) days following the end of each calendar month.
				Each remittance shall be made by check separate from the employer remittance
				and shall be made payable to the West Virginia Public Employees Retirement
				System. Each remittance shall be accompanied by a detailed summary of the sums
				withheld from the compensation of each employee and the credited service each
				employee was entitled to for that month on forms, either paper or electronic,
				provided by the Public Employees Retirement System for that purpose.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-10 - Public Corporations

Current through Register Vol. XLI, No. 28, July 12, 2024
10.1. In
				order to be accepted for membership by the Board as a participating public
				employer, any separate corporation or instrumentality established by one or
				more counties, cities or towns, or any corporation or instrumentality supported
				in most part by counties, cities or towns, which by a three-fifths (3/5)
				majority vote of its governing body elects to join the Retirement System, the
				public corporation or instrumentality shall pass a resolution whereby it would
				allow the entity from which it derives its funds to deduct from its
				appropriations any sums the Board finds are subsequently delinquent, and for
				the entity to pay the delinquent funds to the Board. In the event the entity
				fails to pay the delinquent funds, then the Consolidated Public Retirement
				Board may collect the delinquent funds, as provided in W. Va. Code §
									5-10-33.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-11 - Annuity Payment Age

Current through Register Vol. XLI, No. 28, July 12, 2024
11.1. For the
				purpose of calculating annuity benefits, the Board shall use the age at the
				nearest birthday to the effective date of retirement of the member, retirant or
				beneficiary.
West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-05 - Public Employees Retirement System › Section 162-5-12 - Prior Service on Reemployment

Current through Register Vol. XLI, No. 28, July 12, 2024
12.1. The
				Board shall credit each member of the Retirement System with prior service
				before July 1, 1961 if that member was in the employ of the State of West
				Virginia or other participating public employer within a period of thirty (30)
				years immediately preceding the date the State or other participating public
				employer became a participating public employer: Provided, however, That the
				member was reemployed after July 1, 1961 by a participating public employer or
				the State of West Virginia within fifteen (15) years subsequent to the date
				that the participating public employer elected to become a participating public
				employer in order to receive the prior service credit with no contributions
				required. If the member was reemployed after July 1, 1961, by a participating
				public employer or the State of West Virginia later than fifteen (15) years
				subsequent to the date the participating public employer elected to become a
				participating public employer, the member may purchase the prior
				service.