WVC 18 - 7 A- 26
§18-7A-26. Computation of annuities.
(a) Annuitants whose annuities were approved by the retirement
board effective before July 1, 1980, shall be paid the annuities
which were approved by the retirement board.
(b) Annuities approved by the board effective after June 30,
1980, shall be computed as provided in this section.
(c) Upon establishment of eligibility for a retirement
allowance, a member shall be granted an annuity which shall be the
sum of the following, subject to reduction if necessary to comply
with the maximum benefit provisions of Section 415 of the Internal
Revenue Code and section twenty-eight-a of this article:
(1) Two percent of the member's average salary multiplied by
his or her total service credit as a teacher. In this subdivision
"average salary" means the average of the highest annual salaries
received by the member during any five years contained within his
or her last fifteen years of total service credit: Provided,
the highest annual salary used in this calculation for certain
members employed by the West Virginia Higher Education Policy
Commission under its control shall be $4,800, as provided by
section fourteen-a of this article;
(2) The actuarial equivalent of the voluntary deposits of the
member in his or her individual account up to the time of his or
her retirement, with regular interest.
(d) The disability annuities of all teachers retired for
disability shall be based upon a disability table prepared by a competent actuary approved by the board.
(e) Upon the death of an annuitant who qualified for an
annuity as the surviving spouse of an active member or because of
permanent disability, the estate of the deceased or beneficiary
designated for such purpose shall be paid the difference, if any,
between the member's contributions with regular interest thereon,
and the sum of the annuity payments. Upon the death of a spouse
who was named as the member's survivor, a retirant may elect an
annuity option approved by the board in an amount adjusted on a
fair basis to be of equal actuarial value as the annuity
prospectively in effect relative to the surviving member at the
time the new option is elected.
(f) All annuities shall be paid in twelve monthly payments.
In computing the monthly payments, fractions of a cent shall be
considered a cent. The monthly payments shall cease with the
payment for the month within which the beneficiary dies, and shall
begin with the payment for the month succeeding the month within
which the annuitant became eligible under this article for the
annuity granted; in no case, however, shall an annuitant receive
more than four monthly payments which are retroactive after the
board receives his or her application for annuity. The monthly
payments shall be made on the twenty-fifth day of each month,
except the month of December, when the payment shall be made on
December 18. If the date of payment falls on a holiday, Saturday
or Sunday, then the payment shall be made on the preceding workday.
(g) In case the retirement board receives data affecting the
approved annuity of a retired teacher, the annuity shall be changed
in accordance with the data, the change being effective with the
payment for the month within which the board received the new data.
(h) Any person who has attained the age of sixty-five and who
has served at least twenty-five years as a teacher prior to July 1,
1941, is eligible for prior service credit and for prior service
pensions as prescribed in this section.
Note: WV Code updated with legislation passed through the 2012 1st Special Session