§5-10-1. Short Title
The short title by which this article may be referred to is "West Virginia Public Employees Retirement Act."
§5-10-10. Board Meetings; Quorum; Vote; Proceedings
The board of trustees shall hold a meeting at least once each three months, and shall designate the time and place thereof. Three trustees shall constitute a quorum at any meeting of the board. Each trustee shall be entitled to one vote on each question before the board and at least three concurring votes shall […]
§5-10-11. Reports Required of Board
The board of trustees shall submit to the Governor for transmittal to the Legislature, on or before December 1, in each year, a report showing the fiscal affairs and transactions of the retirement system for the preceding fiscal year. The said report shall contain, but shall not be limited to, a financial balance sheet, a […]
§5-10-12. Officer and Employee Bonds
The State Treasurer shall give a separate and additional bond in such amount as shall from time to time be fixed by the board of trustees. The said bond shall be approved by the Attorney General and shall be conditioned for the faithful performance of his duties as custodian of the moneys, securities and other […]
§5-10-13. Actuarial Investigations and Valuations; Specification of Actuarial Assumptions
(a) The board of trustees shall keep, or cause to be kept, such data as shall be necessary for the preparation of mortality, service and retirement tables and for the compilation of such other data as shall be required for an actuarial valuation of the assets and liabilities of the retirement system. (b) Beginning in […]
§5-10-14. Service Credit; Retroactive Provisions
(a) The board of trustees shall credit each member with the prior service and contributing service to which he or she is entitled based upon rules adopted by the board of trustees and based upon the following: (1) In no event may less than 10 days of service rendered by a member in any calendar […]
§5-10-15. Military Service Credit; Qualified Military Service
(a) (1) The Legislature recognizes the men and women of this state who have served in the armed forces of the United States during times of war, conflict and danger. It is the intent of this subsection to confer military service credit upon persons who are eligible at any time for public employees retirement benefits […]
§5-10-15a. Retirement Credited Service Through Member's Use, as Option, of Accrued Annual or Sick Leave Days
(a) Any member accruing annual leave or sick leave days may, after June 27, 1988, elect to use the days at the time of retirement to acquire additional credited service in this retirement system. Except as provided in subsection (b) of this section, the accrued days shall be applied on the basis of two workdays […]
§5-10-15b. Credit for Public Employment in Another State
(a) Any member of the retirement system who has previously been employed in public employment in any other state of the United States is entitled to receive credited service for the time of public employment in that state, not to exceed five years, if the member substantiates by appropriate documentation or evidence his or her […]
§5-10-15c. 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 Public Employees Retirement System for any time served in the […]
§5-10-16. When and How Political Subdivision Becomes Participating Public Employer
The state of West Virginia shall become a participating public employer effective July 1, 1961. Any other political subdivision may by a three-fifths vote of its governing body, or by a majority vote of its electors, elect to become a participating public employer and thereby include its employees in the membership of the retirement system. […]
§5-10-17. Retirement System Membership
The membership of the retirement system consists of the following persons: (a) All employees, as defined in 5-10-2 of this code, who are in the employ of a political subdivision the day preceding the date it becomes a participating public employer and who continue in the employ of the participating public employer on and after […]
§5-10-18. Termination of Membership; Reentry
(a) When a member of the retirement system retires, withdraws his or her accumulated contributions, or dies, he or she ceases to be a member. When a member leaves the employ of a participating public employer for any reason other than retirement or death, and withdraws his or her accumulated contributions from the system, he […]
§5-10-19. Employers to File Information as to Employees Service
(a) Each participating public employer shall file with the board of trustees, in such form as the board shall from time to time prescribe, a detailed statement of all service rendered to participating public employers by each of its employees and by any retirant who retired under section twenty-two-c of this article and who is […]
§5-10-2. Definitions
Unless a different meaning is clearly indicated by the context, the following words and phrases as used in this article have the following meanings: (1) “Accumulated contributions” means the sum of all amounts deducted from the compensations of a member and credited to his or her individual account in the members deposit fund, together with […]
§5-10-20. Voluntary Retirement
(a) Except as provided in subsection (b) of this section, any member who has attained or attains age sixty years and has five or more years of credited service in force, at least one year of which he or she was a contributing member of the retirement system, may retire upon his or her written […]
§5-10-21. Deferred Retirement and Early Retirement
(a) Except as provided in section twenty-one-a of this article, any member who first becomes a member of the retirement system before July 1, 2015, and who has five or more years of credited service in force, of which at least three years are contributing service, and who leaves the employ of a participating public […]
§5-10-21a. Deferred Retirement and Early Retirement for New Members as of July 1, 2015
(a) Any person who first becomes a member of the retirement system on or after July 1, 2015, who has ten or more years of contributing service and who leaves the employ of a participating public employer prior to attaining age sixty-two years for any reason except his or her disability or death, is entitled […]
§5-10-22. Retirement Annuity
(a) Upon a member's retirement, as provided in this article, he or she shall receive a straight life annuity equal to one and five-tenths percent of his or her final average salary multiplied by the number of years, and fraction of a year, of his or her credited service in force at the time of […]
§5-10-22a. Supplemental Benefits for Certain Annuitants
As an additional supplement to other retirement allowances provided, each annuitant who on July 1, 1974, is receiving a retirement annuity less than $4,200 annually, and whose retirement allowance became effective during the respective dates indicated in this section shall receive, upon application, an increased amount, payable monthly, which is the product of his present […]