§18-7A-1. Establishment of Retirement System
A retirement system to be known as the "state Teachers Retirement System" is hereby established for the purpose of providing retirement allowances for the teachers of West Virginia.
§18-7A-11. Records; Actuarial Data; Tables; Specification of Actuarial Assumptions
The retirement board shall maintain an individual account with each member, showing the amount of the member's contributions and the interest accumulations thereon. It shall collect and keep in convenient form data as may be necessary for the preparation of the required mortality and service tables, and for the compilation of such other information as […]
§18-7A-12. Reports by Retirement Board
At such times as the retirement board may deem it necessary, but at least once within the first three years of the operation of this article and each quinquennial period thereafter, the retirement board shall employ a competent actuary to prepare a report containing an evaluation of the present and prospective assets and liabilities of […]
§18-7A-13. Membership in Retirement System; Cessation of Membership; Reinstatement of Withdrawn Service
The membership of the retirement system shall consist of the following: (a) New entrants, whose membership in the system is compulsory upon employment as teachers and nonteachers: Provided, That any teaching member or nonteaching member, as defined in section three of this article, who has concurrent employment in an additional job or jobs which would […]
§18-7A-13a. Resumption of Service by Retired Teachers
(a) For the purpose of this section, reemployment of a former or retired teacher as a teacher shall in no way impair the teachers eligibility for a prior service pension or any other benefit provided by this article. (b) Retired teachers who qualified for an annuity because of age or service may not receive prior […]
§18-7A-13b. Option of Certain Present Members to Elect Between State and Federal Retirement Systems; Payment of Contributions to Federal System
Notwithstanding any other provision of this article to the contrary, any present member of the retirement system who as an employee of the board of Governors in the cooperative extension service of West Virginia University holds a federal appointment, making him eligible for membership in the federal civil service retirement system, shall have an option […]
§18-7A-14. Contributions by Members; Contributions by Employers; Forfeitures
(a) At the end of each month every member of the retirement system shall contribute six percent of that member's monthly gross salary to the retirement board: Provided, That any member employed by a state institution of higher education shall contribute on the member's full earnable compensation, unless otherwise provided in section fourteen-a of this […]
§18-7A-14a. Options of Certain Members to Elect Between State Teachers Retirement System, a Combination of That System and a Supplemental Retirement System, and a Retirement Plan Other Than the State Teachers Retirement System
Notwithstanding any other provisions of this article to the contrary, any present member of the retirement system, or person who was a member on February 12, 1970, who, as an employee of the West Virginia board of regents was limited in the amount he could pay into the retirement system to $216 per year from […]
§18-7A-14b. Members' Option to Make Contributions for Periods of Temporary Total Disability
Any member who was absent from work while receiving temporary total disability benefits pursuant to the provisions of chapter twenty-three of this code as a result of a compensable injury received in the course of and as a result of his or her employment with the covered employer, may purchase credited service for that time […]
§18-7A-14c. Correction of Errors; Underpayments; Overpayments
(a) General rule. Upon learning of any errors, the board shall correct errors in the retirement system in a timely manner whether the individual, entity or board was at fault for the error with the intent of placing the affected individual, entity and retirement board in the position each would have been in had the […]
§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 […]
§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 […]
§18-7A-17. Statement and Computation of Teachers' Service
(a) Under rules adopted by the retirement board, each teacher and nonteaching member shall file a detailed statement of his or her length of service as a teacher or nonteacher for which he or she claims credit. The retirement board shall determine what part of a year is the equivalent of a year of service. […]
§18-7A-17a. Qualified Military Service
(a) Except as provided in subsection (b) of this section, for the purpose of this article, the retirement board shall grant prior service credit to members of the retirement system who were honorably discharged from active duty service in any of the Armed Forces of the United States in any period of national emergency within […]
§18-7A-17b. Military Service Credit for Members of the West Virginia National Guard
(a)(1) The Legislature recognizes the men and women who have dedicated themselves to the defense and service of this state through their service in the West Virginia National Guard. It is the intent of this section to confer military service credit upon members of the Teachers Retirement System for any time served in the West […]
§18-7A-18. Teachers Retirement System Fund; Transfers
(a) There is hereby created in the State Treasury a special revenue account designated the "Teachers Employers Contribution Collection Account" to be administered by the Consolidated Public Retirement Board. The Teachers Employers Contribution Collection Account shall be an interest-bearing account with interest credited to and deposited in the account and transferred in accordance with the […]
§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 […]
§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 […]
§18-7A-2. Supplemental Benefits
Nothing in this article shall be construed to preclude any employer from providing retirement benefits to retired teachers not eligible to benefits under this article; nor shall it be construed to preclude any employer from supplementing retirement benefits to be received by any of its employees under this article. No such benefits, however, shall be […]
§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 […]