§5-10-21. Deferred retirement and early retirement


Published: 2015

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WVC 5 - 10 - 21

§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 employer prior to his or her attaining age sixty years for

any reason except his or her disability retirement or death, is

entitled to an annuity computed according to section twenty-two of

this article, as that section was in force as of the date of his or

her separation from the employ of a participating public employer:

Provided, That he or she does not withdraw his or her accumulated

contributions from the members' deposit fund: Provided, however,

That on and after July 1, 2002, any person who becomes a new member

of this retirement system shall, in qualifying for retirement under

this section, have five or more years of service, all of which

years shall be actual, contributory ones. His or her annuity shall

begin the first day of the calendar month next following the month

in which his or her application for same is filed with the board of

trustees on or after his or her attaining age sixty-two years.

     (b) Any member who qualifies for deferred retirement benefits

in accordance with subsection (a) of this section and has ten or

more years of credited service in force and who has attained age

fifty-five as of the date of his or her separation, may, prior to

the effective date of his or her retirement, but not thereafter, elect to receive the actuarial equivalent of his or her deferred

retirement annuity as a reduced annuity commencing on the first day

of any calendar month between his or her date of separation and his

or her attainment of age sixty-two years and payable throughout his

or her life.

     (c) Any member who qualifies for deferred retirement benefits

in accordance with subsection (a) of this section and has twenty or

more years of credited service in force may elect to receive the

actuarial equivalent of his or her deferred retirement annuity as

a reduced annuity commencing on the first day of any calendar month

between his or her fifty-fifth birthday and his or her attainment

of age sixty-two years and payable throughout his or her life.

     (d) Notwithstanding any of the other provisions of this

section or of this article, except sections twenty-seven-a and

twenty-seven-b of this article, and pursuant to rules promulgated

by the board, and except for a person who first becomes a member of

the retirement system on or after July 1, 2015, any member who has

thirty or more years of credited service in force, at least three

of which are contributing service, and who elects to take early

retirement, which for the purposes of this subsection means

retirement prior to age sixty, whether an active employee or a

separated employee at the time of application, is entitled to the

full computation of annuity according to section twenty-two of this

article, as that section was in force as of the date of retirement

application, but with the reduced actuarial equivalent of the annuity the member would have received if his or her benefit had

commenced at age sixty when he or she would have been entitled to

full computation of benefit without any reduction.

     (e) Notwithstanding any of the other provisions of this

section or of this article, except sections twenty-seven-a and

twenty-seven-b of this article, and except for a person who first

becomes a member of the retirement system on or after July 1, 2015,

any member of the retirement system may retire with full pension

rights, without reduction of benefits, if he or she is at least

fifty-five years of age and the sum of his or her age plus years of

contributing service and limited credited service, as defined in

section two of this article, equals or exceeds eighty: Provided,

That on and after July 1, 2011, any person who becomes a new member

of this retirement system shall, in qualifying for retirement under

this subsection, have five or more years of service, all of which

years shall be actual, contributory ones. The member's annuity

shall begin the first day of the calendar month immediately

following the calendar month in which his or her application for

the annuity is filed with the board.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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