§5-10-31a. Retroactive contributions to the retirement system for retroactive service credit granted; one year period for application


Published: 2015

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WEST VIRGINIA CODE











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WVC 5-10-31a

§5-10-31a. Retroactive contributions to the retirement system for

retroactive service credit granted; one year period

for application.

Those public employers who are participating in the West

Virginia public employees retirement system and elected to

participate after the first day of July, one thousand nine hundred

sixty-one, and those employers who are eligible but who have not

elected to participate, may elect to cover their employees

retroactive for the period of their prior employment by such

employer to the first day of July, one thousand nine hundred

sixty-one, under the following terms and rules and regulations to

be promulgated by the board of trustees of the retirement system:

(a) The participating employer, in order to provide the

benefits set forth herein, shall pay an additional contribution to

the retirement system as shall be the actuarial equivalent of the

amount which would have been contributed, together with earnings

thereon, by the employer had the employee who is to receive

retroactive credit been covered during the period of the

retroactive service credit. This contribution may be made by the

employer either in one lump sum or, at the election of the

employer, by level term payments over a period not in excess of

fifteen years or by both lump sum payments and level term payments,

as determined by the employer and the board of trustees under rules

and regulations promulgated by the board;

(b) The additional service credit shall be applicable to employees working for the participating employer on the effective

date of the change of date of participation;

(c) There shall be no increase in benefits and annuities paid

to former members of the system who were retired prior to the

effective date of this section;

(d) Employees entitled to such retroactive service credit

under the provisions of this section shall make such additional

contribution to the retirement system equal to the actuarial

equivalent of the amount which would have been contributed,

together with earnings thereon, by the employee had the employee

been covered during the period of the retroactive service credit;

(e) Each employer and employee shall be required to pay into

the retirement system in the manner hereinafter provided the amount

necessary for the additional service credit provided by this

section, based upon an actuarial study of each employer that elects

to participate in the retirement system under this section and as

determined by the board of trustees;

(f) The actuarial basis for determining the additional

contributions shall be that currently in effect for the valuation

of the retirement system on the effective date of the employer's

election;

(g) Any new participating employer and any participating

employer which is currently a participant and who began

participating after the first day of July, one thousand nine

hundred sixty-one, who desires additional service credit must elect to provide such service credit within one year following the

effective date of this section;

(h) Any participating employer requesting additional service

credit as provided by this section shall provide such employee data

as may be requested from the board of trustees of the retirement

system for the determination of the employer's contributions;

(i) The consulting actuary's fees for computing the additional

contribution rates under this section shall be paid directly by the

participating employer to the consulting actuary selected by the

board of trustees of the retirement system; and

(j) For the purpose of reopening the effectiveness of the

provisions of this section for a period of one year following the

effective date of the amendment to this section, and for the

purpose of granting, retroactively service credit to current

employees of employers participating in the public employees

retirement system during such period, this section is hereby

renewed and reestablished; but any such credited service granted

hereunder shall be on the actuarially sound basis for determining

required additional contributions, of both employer and employee,

required in light of benefits that would be computed in respect of

such later point in time and such subsequent final average salary

amount.





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

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