§5-10-22. Retirement annuity


Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
WEST VIRGINIA CODE











‹ Back



 |   Print







WVC 5 - 10 - 22

§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 his or her retirement,

subject to reduction if necessary to comply with the maximum

benefit provisions of Section 415 of the Internal Revenue Code and

section twenty-seven-a of this article: Provided, That the final

average salary used in this calculation does not include any lump

sum payment for unused, accrued leave of any kind or character.

The credited service used for this calculation may not include any

period of limited credited service: Provided, however, That after

March 1, 1970, all members retired and all members retiring shall

receive a straight life annuity equal to two 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, exclusive of

limited credited service in force at the time of his or her

retirement, subject to reduction if necessary to comply with the

maximum benefit provisions of Section 415 of the Internal Revenue

Code and section twenty-seven-a of this article. In either event,

upon his or her retirement he or she has the right to elect an

option provided in section twenty-four of this article. All

annuity payments shall commence effective the first day of the

month following the month in which a member retires or a member dies leaving a beneficiary entitled to benefits and shall continue

to the end of the month in which the retirant or beneficiary dies,

and the annuity payments may not be prorated for any portion of a

month in which a member retires or retirant or beneficiary dies.

Any member receiving an annuity based in part upon limited credited

service is not eligible for the supplements provided in sections

twenty-two-a through twenty-two-d, inclusive, of this article.

(b) The annuity of any member of the Legislature who

participates in the retirement system as a member of the

Legislature and who retires under this article or of any former

member of the Legislature who has retired under this article

(including any former member of the Legislature who has retired

under this article and whose annuity was readjusted as of March 1,

1970, under the former provisions of this section) shall be

increased from time to time during the period of his or her

retirement when and if the legislative compensation paid under

section two, article two-a, chapter four of this code, to a member

of the Legislature shall be increased to the point where a higher

annuity would be payable to the retirant if he or she were retiring

as of the effective date of the latest increase in legislative

compensation, but on the basis of his or her years of credited

service to the date of his or her actual retirement.


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

The WV Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.