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 162-3-3 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. For the purposes of the Teachers'
				Defined Contribution Retirement System, the following definitions apply, unless
				the context clearly requires a different meaning:
3.1.1. "Accrued benefit" is the amount
				credited to the member's annuity account.
3.1.2. "Annuity account" means a two-part
				account established for each individual member to record the deposit of:
(1) member contributions and interest,
				dividends or other accumulations credited on the contributions to the account
				on behalf of the member (the "member account"); and
(2) employer contributions and interest,
				dividends or other accumulations credited on the contributions to the account
				on behalf of the member (the "employer account").
3.1.3. "Beneficiary" means any person, estate
				or trust who by operation of law, or under the terms of the System, or
				otherwise, is entitled to receive any accrued benefit of a member under the
				System. A "designated beneficiary" means any individual designated or
				determined in accordance with this Rule, except that it shall not include any
				person who becomes a beneficiary by virtue of the law of inheritance or
				intestate succession.
3.1.4.
				"Cash-out" is a distribution of an accrued benefit to a former member which
				meets the following requirements:
(1) the
				former member has voluntarily elected to receive the distribution of
				contributions from the system and
(2) the distribution is made on account of
				the employee's termination of participation in the system.
3.1.5. "Compensation" refers to all
				compensation paid during the plan year as wages, salary or commissions by a
				participating employer to a member including overtime payments and amounts
				contributed to any welfare benefit plans maintained by the employer or by the
				State through a reduction in the member's compensation which pursuant to
				Internal Revenue Code §125 are not included in the gross income of the
				member for the year in which the amounts are contributed. However, compensation
				does not include the value of accrued unused sick leave or vacation leave.
				Compensation also does not include all contributions by the employer to the
				plan and to any other retirement or deferred compensation plan maintained by
				the employer or amounts exceeding the provisions of W. Va. Code
				§
										5-10D-7.
3.1.6. "Employment
				day" means a day a member is paid compensation for full-time service by a
				participating employer.
3.1.7.
				"Forfeiture" means the employer contributions and investment income on such
				contributions held in the suspension account created pursuant to W. Va. Code
				§
										18-7B-11 that have been irrevocably forfeited by reason of lapse of
				time.
3.1.8. "Leave of absence"
				refers to that period during which the member is absent from his or her
				employment without compensation and for which the employer has determined the
				member to be on a "leave of absence" instead of having separated from his or
				her employment.
3.1.9.
				"Participating employer" means any employer who employed or employs a member of
				the Teachers' Defined Contribution Retirement System.
3.1.10. "Permanent and total disability"
				means a mental or physical incapacity from service as a teacher or other
				position requiring a member to be absent from employment service for at least
				six (6) months prior to the member's termination date. Provided, that the
				incapacity is shown by a physician or physicians selected by the Board in
				accordance with this Rule.
3.1.11.
				"Plan year" means the period commencing on the first day of July and ending on
				the thirtieth day of June, the following year.
3.1.12. "Public schools" means all publicly
				supported schools, including normal schools, colleges and universities in the
				State.
3.1.13. "Regularly employed
				for full-time service" means employment in a regular position or job throughout
				the employment term regardless of the numbers of hours worked or the method of
				pay.
3.1.14. "Retirement age" means
				at least fifty-five (55) years of age for the member.
3.1.15. "State" means the State of West
				Virginia, its political subdivisions and state agencies.
3.1.16. "Termination date" means the date on
				which the earliest of the following events occurs:
(1) a member's retirement,
(2) a member's termination of employment as a
				result of permanent and total disability,
(3) a member's death or
(4) a member's termination of employment for
				any other reason.
3.1.17.
				"Trust" means the trust created by State law pursuant to W. Va. Code
				§
										18-7B-1 et seq.
3.1.18.
				"Trust fund" consists of the employer contributions, member contributions, and
				money in any revenue sharing account, all of which are invested in various
				investment options and are held by the Teachers' Defined Contribution
				Retirement System, with income or appreciation on the
				investments.