§16-5V-17. Annuity Options
Prior to the effective date of retirement, but not after that date, a member may elect to receive retirement income payments in the normal form, or the actuarial equivalent of the normal form from the following options: (a) Option A– Contingent joint and survivor annuity. — A life annuity payable during the joint lifetime of […]
§16-5V-9. Transfer From Public Employees Retirement System
(a) The Consolidated Public Retirement Board shall, within one hundred eighty days of the effective date of the transfer of an emergency medical services officer from the Public Employees Retirement System to the plan, transfer assets from the Public Employees Retirement System Trust Fund into the West Virginia Emergency Medical Services Trust Fund. (b) Except […]
§16-5V-10. Notice Requirements; Test Case
(a) Each county commission or political subdivision shall prepare a written notice to be delivered to each emergency medical services officer employed prior to July 1, 2007. This notice shall clearly and accurately explain the benefits, financial implications and consequences to an emergency medical services officer of electing to participate in the retirement plan created […]
§16-5V-11. Retirement; Commencement of Benefits
(a) Except for duty disability retirement, no member may retire before January 1, 2011. (b) On or after the date a member attains early or normal retirement age, a member may retire and commence to receive retirement income payments on the first day of the calendar month following termination of employment and receipt of his […]
§16-5V-12. Federal Law Maximum Benefit Limitations
Notwithstanding any other provision of this article or state law, the board shall administer the retirement system in compliance with the limitations of Section 415 of the Internal Revenue Code and regulations under that section, to the extent applicable to governmental plans (hereafter sometimes referred to as the "415 limitation(s)" or "415 dollar limitation(s)"), so […]
§16-5V-13. Federal Law Minimum Required Distributions
The requirements of this section apply to any distribution of a members or beneficiarys interest and take precedence over any inconsistent provisions of this plan. This section applies to plan years beginning after December 31, 1986. Notwithstanding anything in the plan to the contrary, the payment of benefits under this article shall be determined and […]
§16-5V-14. Direct Rollovers
Notwithstanding any provision of this article to the contrary that would otherwise limit a distributee's election under this plan, a distributee may elect, at the time and in the manner prescribed by the board, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in […]
§16-5V-6a. County Firefighter Members
(a) Notwithstanding any other provision of this article to the contrary, a person employed as a county firefighter may be a member of this retirement plan subject to the provisions of this section. Full-time employment as a county firefighter satisfies the definition of “covered employment” as defined in this article. (b) Any county firefighter first […]
§16-5V-6b. Transfer of County Firefighter Member Assets From Public Employees Retirement System
(a) The Consolidated Public Retirement Board shall, within one hundred eighty days of January 1, 2023, transfer assets from the Public Employees Retirement System Trust Fund into the West Virginia Emergency Medical Services Trust Fund. (b) The amount of assets to be transferred for each transferring county firefighter shall be computed as of January 1, […]
§16-5V-7. Creation of Fund; Investments; Actuarial Valuations
(a) There is hereby created the "West Virginia Emergency Medical Services Retirement Fund" for the benefit of the members of the retirement system created pursuant to this article and the dependents of any deceased or retired member of the system. (b) All moneys paid into and accumulated in the fund, except amounts designated by the […]