§7-14D-7. Members Contributions; Employer Contributions
(a) There shall be deducted from the monthly salary of each member and paid into the fund an amount equal to eight and one-half percent of his or her monthly salary. An additional amount shall be paid to the fund by the county commission of the county in which the member is employed in covered […]
§7-14D-7a. Correction of Errors; Underpayments; Overpayments
(a) General rule: Upon learning of errors, the board shall correct errors in the retirement plan 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 board in the position each would have been in had the error not […]
§7-14D-8. Transfer From Public Employees Retirement System
(a) The consolidated retirement board shall, within ninety days of the effective date of the transfer of a deputy sheriff from the Public Employees Retirement System to the plan, transfer assets from the Public Employees Retirement System trust fund into the West Virginia deputy sheriff trust fund. (b) The amount of assets to be transferred […]
§7-14D-8a. Notice Requirements; Test Case
(a) Each county shall prepare a written notice to be delivered to each deputy sheriff employed prior to July 1, 1998. This notice shall clearly and accurately explain the benefits, financial implications and consequences to a deputy sheriff of electing to participate in the retirement plan created in this article, including the consequences and financial […]
§7-14D-9. Retirement; Commencement of Benefits
A member may retire and commence to receive retirement income payments on the first day of the calendar month following the board's receipt of the member's voluntary written application for retirement or the required beginning date, if earlier. Before receiving retirement income payments, the member shall have ceased covered employment and reached early or normal […]
§7-14D-9a. 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 […]
§7-14D-1. Short Title
This article is known and may be cited as the "West Virginia Deputy Sheriff Retirement System Act."
§7-14D-2. Definitions
As used in this article, unless a federal law or regulation or the context clearly requires a different meaning: (a) “Accrued benefit” means on behalf of any member two and one-quarter percent of the members final average salary multiplied by the members years of credited service: Provided, That members who are retired on or retire […]
§7-14D-2a. Meaning of Terms
Any term used in this article has the same meaning as when used in a comparable context in the laws of the United States, unless a different meaning is clearly required. Any reference in this article to the Internal Revenue Code means the Internal Revenue Code of 1986, as it has been amended.
§7-14D-3. Creation and Administration of West Virginia Deputy Sheriffs Retirement System; Specification of Actuarial Assumptions
There is hereby created the West Virginia Deputy Sheriffs Retirement System. The purpose of this system is to provide for the orderly retirement of deputy sheriffs who become superannuated because of age or permanent disability and to provide certain survivor death benefits, and it is contemplated that substantially all of the members of the retirement […]