West Virginia Code of State Rules › Agency 162 - Consolidated Public Retirement Board › Title 162 - LEGISLATIVE RULE CONSOLIDATED PUBLIC RETIREMENT BOARD › Series 162-07 - Refund, Reinstatement, Retroactive Service, Loan and Correction of Error Interest Factors › Section 162-7-3 - Refund Interest

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Refund
				interest shall be paid to a member as provided in this section when the member
				or beneficiary is eligible for and makes application for a refund of
				accumulated contributions in accordance with applicable plan provisions.
3.1.1. Deputy Sheriff Retirement System. In
				the event a member of the Deputy Sheriff Retirement System terminates covered
				employment and thereafter requests and is determined to be eligible to receive
				a refund of accumulated contributions, the interest rate applicable to the
				refund is four percent (4%), compounded per annum.
3.1.2. Public Employees Retirement System. In
				the event a member of the Public Employees Retirement System terminates covered
				employment and thereafter requests and is determined to be eligible to receive
				a refund of accumulated contributions, the interest rate applicable to the
				refund is four percent (4%), compounded per annum. Refund interest as provided
				for in this rule shall be consistent with and have the same meaning as "regular
				interest," as defined in W. Va. Code §
										5-10-2(21).
3.1.3. Teachers' Retirement System. In the
				event a member of the Teachers' Retirement System terminates covered employment
				and thereafter requests and is determined to be eligible to receive a refund of
				accumulated contributions, the interest rate applicable to the refund is four
				percent (4%), compounded per annum.
3.1.4. West Virginia State Police Death,
				Disability and Retirement Fund. In the event a member of the West Virginia
				State Police Death, Disability and Retirement Fund terminates covered
				employment and thereafter requests and is determined to be eligible to receive
				a refund of accumulated contributions, the interest rate applicable to the
				refund is the rate specified in W. Va. Code §
										15-2-37(a) at the time of the
				member's application for refund.
3.1.5. West Virginia State Police Retirement
				System. In the event a member of the West Virginia State Police Retirement
				System terminates covered employment and thereafter requests and is determined
				to be eligible to receive a refund of accumulated contributions, the interest
				rate applicable to the refund is the rate specified in W. Va. Code
				§
										15-2A-8(a) at the time of the member's application for refund.
3.1.6. Judges' Retirement System. In the
				event a member of the Judges' Retirement System terminates covered employment
				and thereafter requests and is determined to be eligible to receive a refund of
				accumulated contributions, no interest shall be payable to that member as
				specified in W. Va. Code §
										51-9-12.
3.1.7. Emergency Medical Services Retirement
				System. In the event a member of the Emergency Medical Services Retirement
				System terminates covered employment and thereafter requests and is determined
				to be eligible to receive a refund of accumulated contributions, the interest
				rate applicable to the refund is four percent (4%), compounded per
				annum.
3.1.8. Municipal Police
				Officers and Firefighters Retirement System. In the event a member of the
				Municipal Police Officers and Firefighters Retirement System terminates covered
				employment and thereafter requests and is determined to be eligible to receive
				a refund of accumulated contributions, the interest rate applicable to the
				refund is four percent (4%), compounded per annum.