§5-10-23. Terminal payment following retirement


Published: 2015

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WVC 5 - 10 - 23

§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 either the death of

the retired member drawing benefits under a straight life annuity,

or the death of a survivor annuitant drawing benefits under any

optional form of benefit selected by the retired member, whichever

occurs later.

(b) In the event that all claims to benefits payable to, or on

behalf of, a retired member expire, and the accumulated

contributions exceed the accumulated net benefit payments paid to

or on behalf of the retired member, the balance in the retired

member's account shall be paid to the person or persons as the

retired member has nominated by written designation duly executed

and filed with the board of trustees. If there is no designated

person or persons surviving the retired member following the

expiration of claims, the excess of the accumulated contributions

over the accumulated net benefit, if any, shall be paid to the

retired member's estate.





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

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