§5-10-38. Investment of Moneys; Bonds of State Departments and Institutions to Be Offered First to Board of Public Works
All moneys of the retirement system not currently required for the payment of annuities or other benefits shall be invested by the board of public works in any securities or investments in which the sinking funds of the state may be legally invested, or in any securities or investments in which the deposits in savings […]
§5-10-29. Members' Deposit Fund; Members' Contributions; Forfeitures
(a) The members' deposit fund is hereby created. It shall be the fund in which shall be accumulated, at regular interest, the contributions deducted from the compensation of members, and from which refunds of accumulated contributions shall be paid and transfers made as provided in this section. (b) The contributions of a member to the […]
§5-10-30. Refund of Accumulated Contributions
(a) In the event a member leaves the employ of a participating public employer prior to the date the member becomes entitled to retire with an annuity payable by the retirement system, the member shall be paid, upon the members written application filed with the board of trustees, the members accumulated contributions, if the members […]
§5-10-31. Employers Accumulation Fund; Employers Contributions
(a) The Employers Accumulation Fund is hereby continued. It is the fund in which shall be accumulated the contributions made by the participating public employers to the retirement system, and from which transfers shall be made as provided in this section. (b) Based upon the provisions of section thirteen of this article, the participating public […]
§5-10-31a. Retroactive Contributions to the Retirement System for Retroactive Service Credit Granted; One Year Period for Application
Those public employers who are participating in the West Virginia Public Employees Retirement System and elected to participate after July 1, 1961, and those employers who are eligible but who have not elected to participate, may elect to cover their employees retroactive for the period of their prior employment by such employer to July 1, […]
§5-10-32. Appropriations for State Contributions to Retirement System; Contributions for Members Paid From Special Funds or by Other Employers
(a) At least thirty days prior to each regular session of the Legislature, the board of trustees shall certify to the Governor the contributions, determined according to section thirty-one hereof, to be made by the state to the retirement system for the next following fiscal year; the said contributions to be based upon the state's […]
§5-10-33. Contributions by Other Participating Public Employers; Withholding State Money to Satisfy Delinquencies
(a) The board of trustees shall annually certify to each participating public employer, other than the state, the employer contribution rate, determined in section thirty-one hereof, for the public employer division. Each participating public employer shall pay to the state Treasurer, for credit to the retirement system, the contributions equal to the said contribution rate […]
§5-10-23. Terminal Payment Following Retirement
(a) This section provides for the payment of the balance in a retired member's account in the event that all claims to benefits payable to, or on behalf of, a member expire before his or her member account has been fully exhausted. The expiration of the rights to benefits would be on the occasion of […]
§5-10-24. Annuity Options
(a) Prior to the effective date of his or her retirement, but not thereafter except upon the death of a spouse, a member may elect to receive his or her annuity as a straight life annuity payable throughout his or her life, or he or she may elect to receive the actuarial equivalent, at the […]
§5-10-25. Disability Retirement
(a) Upon the application of a member of the retirement system, or his or her present or past employing authority, any member who is in the employ of a participating public employer or was in the employ of a participating public employer on a date which is twelve months or less from the date upon […]