Specific information regarding retirement benefits is available on the West Virginia Consolidated Public Retirement Board's site. NOTE: If you become reemployed by an employer participating in this retirement system while your (B) If the member has less than five years of credited service, the average of the annual rate of compensation received by the member during his or her total years of credited service; and in determining the annual compensation, under either paragraph (A) or (B) of this subdivision, of a member of the Legislature who participates in the retirement system as a member of the Legislature in the year 1971, or in any year thereafter, his or her actual legislative compensation (the total of all compensation paid under 4-2A-2, 4-2A-3, 4-2A-4, and 4-2A-5 of this code), in the year 1971, or in any year thereafter, plus any other compensation he or she receives in any year from any other participating public employer including the State of West Virginia, without any multiple in excess of one times his or her actual legislative compensation and other compensation, shall be used: Provided, That final average salary for any former member of the Legislature or for any member of the Legislature in the year 1971 who, in either event, was a member of the Legislature on November 30, 1968, or November 30, 1969, or November 30, 1970, or on November 30 in any one or more of those three years and who participated in the retirement system as a member of the Legislature in any one or more of those years means: (i) Either, notwithstanding the provisions of this subdivision preceding this proviso, $1,500 multiplied by eight, plus the highest other compensation the former member or member received in any one of the three years from any other participating public employer including the State of West Virginia; or (ii) final average salary determined in accordance with paragraph (A) or (B) of this subdivision, whichever computation produces the higher final average salary, and in determining the annual compensation under subparagraph (ii) of this paragraph, the legislative compensation of the former member shall be computed on the basis of $1,500 multiplied by eight, and the legislative compensation of the member shall be computed on the basis set forth in the provisions of this subdivision immediately preceding this paragraph or on the basis of $1,500 multiplied by eight, whichever computation as to the member produces the higher annual compensation; (14) "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended, codified at Title 26 of the United States Code; (15) "Limited credited service" means service by employees of the West Virginia Educational Broadcasting Authority, in the employment of West Virginia University, during a period when the employee made contributions to another retirement system, as required by West Virginia University, and did not make contributions to the Public Employees Retirement System: Provided, That while limited credited service can be used for the formula set forth in 5-10-21(e) of this code, it may not be used to increase benefits calculated under 5-10-22 of this code; (16) "Member" means any person who has accumulated contributions standing to his or her credit in the members deposit fund; (17) "Participating public employer" means the State of West Virginia, any board, commission, department, institution or spending unit and includes any agency created by rule of the Supreme Court of Appeals having full-time employees, which for the purposes of this article is considered a department of state government; and any political subdivision in the state which has elected to cover its employees, as defined in this article, under the West Virginia Public Employees Retirement System; (18) "Plan year" means the same as referenced in 5-10-42 of this code; (19) "Political subdivision" means the State of West Virginia, a county, city or town in the state; a school corporation or corporate unit; any separate corporation or instrumentality established by one or more counties, cities or towns, as permitted by law; any corporation or instrumentality supported in most part by counties, cities or towns; and any public corporation charged by law with the performance of a governmental function and whose jurisdiction is coextensive with one or more counties, cities or towns: Provided, That any mental health agency participating in the Public Employees Retirement System before July 1, 1997, is considered a political subdivision solely for the purpose of permitting those employees who are members of the Public Employees Retirement System to remain members and continue to participate in the retirement system at their option after July 1, 1997: Provided, however, That the Regional Community Policing Institute which participated in the Public Employees Retirement System before July 1, 2000, is considered a political subdivision solely for the purpose of permitting those employees who are members of the Public Employees Retirement System to remain members and continue to participate in the Public Employees Retirement System after July 1, 2000; (20) "Prior service" means service rendered prior to July 1, 1961, to the extent credited a member as provided in this article; (21) "Regular interest" means the rate or rates of interest per annum, compounded annually, as the board of trustees adopts from time to time; (22) "Required beginning date" means April 1 of the calendar year following the later of: (A) The calendar year in which the member attains age 70.5 (if born before July 1, 1949) or age 72 (if born after June 30, 1949); or (B) the calendar year in which a member ceases providing service covered under this retirement system to a participating employer; (23) "Retirant" means any member who commences an annuity payable by the retirement system; (24) "Retirement" means a members withdrawal from the employ of a participating public employer and the commencement of an annuity by the retirement system; (25) "Retirement system" or "system" means the West Virginia Public Employees Retirement System created and established by this article; (26) "Retroactive service" means: (1) Service between July 1, 1961, and the date an employer decides to become a participating member of the Public Employees Retirement System; (2) service prior to July 1, 1961, for which the employee is not entitled to prior service at no cost in accordance with 162 CSR 5.12; and (3) service of any member of a legislative body or employees of the State Legislature whose term of employment is otherwise classified as temporary for which the employee is eligible, but for which the employee did not elect to participate at that time; (27) "Service" means personal service rendered to a participating public employer by an employee of a participating public employer; (28) "Special needs trust" means a trust established pursuant to 44D-8B-13 of this code for an individual beneficiary with a disability and such special needs trust is or will become irrevocable by the time the retirant names the special needs trust as the beneficiary of retirants annuity benefits in place of the individual beneficiary and terminates upon the death of the individual beneficiary with no further annuity benefits being payable; and. . (3) "Actuarial equivalent" means a benefit of equal value computed upon the basis of a mortality table and regular interest adopted by the board of trustees from time to time: , That when used in the context of compliance with the federal maximum benefit requirements of Section 415 of the Internal Revenue Code, actuarial equivalent shall be computed using the mortality tables and interest rates required to comply with those requirements; (8) "Compensation" means the remuneration paid a member by a participating public employer for personal services rendered by the member to the participating public employer. (2) Notwithstanding the provisions of subsection (c) of this section, a retired magistrate who is recalled and assigned to temporary service as a senior magistrate by the West Virginia Supreme Court of Appeals may receive per diem compensation pursuant to the requirements of 50-1-6a of this code while continuing to receive his or her annuity. Consolidated Public Retirement Board. 5-10-48. The remaining 21.75 percent state contribution is to pay down the pension fund's debt. In the purchase of service credit for employment prior to 1989 in any department, including the Legislature, which operated from the General Revenue Fund and which was not expressly excluded from budget appropriations in which blanket appropriations were made for the states share of public employees retirement coverage in the years prior to 1989, the employee shall pay the employees share. Login. (c) If a retirant becomes regularly employed on a full-time basis by a participating public employer, payment of his or her annuity shall be suspended during the period of his or her reemployment and he or she shall become a contributing member to the retirement system. When your dependents become Medicare Eligible,pleasesendacopyoftheirMedicarecardintoPEIA. endstream
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The 2022 1099-R tax forms for Benefit Recipients will be mailed out on or before Jan 31st, 2023. (f) A member who is participating in the system simultaneously as both a regular, full-time employee of a participating public employer and as an elected or appointed member of the legislative body of the state or any political subdivision may, upon meeting the age and service requirements of this article, elect to retire from his or her regular full-time state employment and may commence to receive an annuity from the system without terminating his or her position as a member of the legislative body of the state or political subdivision: That the retired member shall not, during the term of his or her retirement and continued service as a member of the legislative body of a political subdivision, be eligible to continue his or her participation as a contributing member of the system and shall not continue to accrue any additional service credit or benefits in the system related to the continued service. You can elect optical and dental care through, Premium and Benefit Assistance Form (Medicare), Retiree Premium Payment and Enrollment Information, Retiree Optional and/or Dependent Life Enrollment Form, Retiree Basic Life and Health Enrollment Form, Summary Plan Description PPB Plans A, B & D, Retiree Optional and/or Dependent Life Enrollment Form, Retiree Basic Life and Health Enrollment Form. calendar years referenced in this section: , That the employee has not retired prior to the effective date of the amendments made to this section in the 2002 regular session of the Legislature. If any dependent is Medicare eligible, PEIA will need a copy of their Medicare Card also. relating generally to legislative employment and retirement; modifying the length of service an employee of the Legislature whose term of employment is otherwise classified as temporary and who is employed to perform services required by the Legislature for its regular sessions must serve to obtain service credit towards retirement; and increasing the maximum annual remuneration a retirant may earn as a temporary legislative employee. Any service credit purchased shall be credited as six months for each 60-day session worked, three months for each 30-day session worked or 12 months for each 60-day session for legislative employees who have been employed during regular sessions in 13 consecutive seven calendar years, as certified by the clerk of the house in which the employee served, and credit for interim employment as provided in this subsection: And provided further, That this legislative service credit shall also be used for months of service in order to meet the 60-month requirement for the payments of a temporary legislative employee members retirement annuity: And provided further, That no legislative employee may be required to pay for any service credit beyond the actual time he or she worked regardless of the service credit which is credited to him or her pursuant to this section: And provided further, That any legislative employee may request a recalculation of his or her credited service to comply with the provisions of this section at any time. H|SMo@WHb3|[(J
q@aRV*];$](63[6!ys34ow! The CPRB administers: PERS: Public Employees Retirement System, PERS Tier II, TRS: Teachers' Retirement System, TRS Tier II, TDC Plan: Teachers' Defined Contribution System. Any service credit purchased shall be credited as six months for each 60-day session worked, three months for each 30-day session worked or 12 months for each 60-day session for legislative employees who have been employed during regular sessions in. WV Consolidated Public Retirement Board. (c) Court reporters who are acting in an official capacity, although paid by funds other than the county commission or State Auditor, may receive prior service credit for time served in that capacity. Health, Mountaineer Flexible, Life Insurance -CPRB Tip Hotline
Htq0D XA Call: 1-888-680-7342 Email: peia.help@wv.gov. (b) The board of trustees shall grant service credit to any former and present member of the State Teachers Retirement System who has been a contributing member in the Public Employees Retirement System for more than three years, for service previously credited by the State Teachers Retirement System and shall require the transfer of the members accumulated contributions to the system and shall also require a deposit, with reinstatement interest as set forth in the boards Rule, Refund, Reinstatement, Retroactive Service, Loan and Correction of Error Interest Factors, 162 C. S. R. 7, of any withdrawals of contributions any time prior to the members retirement: , That members of the State Teachers Retirement System who first became a member of the State Teachers Retirement System on or after July 1, 2022, may only transfer service credit to the Public Employees Retirement System if they first became a member of the Public Employees Retirement System on or after July 1, 2015. What do I do now ? Senate Bill 582. ?Rh d^g0bZK4Px/kgh/qfkrd%;cgrn@zs\J\'|ZdRW 729 0 obj
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Other employees shall pay the states share and the employees share to purchase retroactive service credit. Hn@y]] Q5!2%X^kiJ]$o [Originating in the Committee on Pensions; reported on February 16, 2023] A BILL to amend and reenact 5-10-2, 5-10-14, 5-10-17, and 5-10-48 of the Code of West Virginia, 1931, as amended, all relating generally to legislative employment and retirement; modifying the length of service an employee of the Legislature whose . WV Department of Administration Finance Division > Shared Services > Payroll Payroll Payroll strives to provide friendly, courteous, and knowledgeable support to State agencies within the Department of Administration.