WVC 15 - 2 - 27 A
§15-2-27a. Retirement annual annuity adjustments.
(a) Every retirant of the fund who is fifty-five years of age
or older and who is retired by the board under the provisions of
section twenty-seven of this article; every retirant of the fund
who is retired by the board under the provisions of section
twenty-nine or thirty of this article; and every beneficiary
receiving a benefit pursuant to section thirty-three or thirty-four
of this article is eligible to receive an annual retirement annuity
adjustment equal to three and seventy-five hundredths percent of
his or her retirement award or beneficiary award. The adjustments
may not be retroactive. Yearly adjustments shall begin upon the
first day of July of each year. The annuity adjustments shall be
paid to the retirants or beneficiaries from the fund in equal
monthly installments while in status of retirement or payment of
beneficiary award. The annuity adjustments shall supplement the
retirement awards and benefits as provided in this article.
(b) Any retirant or beneficiary who receives a benefit
pursuant to the provisions of section twenty-nine, thirty,
thirty-three or thirty-four of this article shall begin to receive
the annual annuity adjustment one year after the commencement of
the benefit on the next July first: Provided, That if the retirant
has been retired for less than one year or if the beneficiary has
been in receipt of beneficiary payments for less than one year when
the first annuity adjustment is given on that July first, that
first annuity adjustment shall be a pro rata share of the full year's annuity adjustment.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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