WEST VIRGINIA CODE
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
(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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