wv public employees retirement system payment calendar

Certification of employment for a complete legislative session and for interim days shall be determined by the clerk of the house in which the employee served, based upon employment records. Employee contributions to the Plan are managed via convenient payroll deductions. Federal Retirement Systems - Line 31. hb``e``2` Y9Y8xa3 fc`k If you are Medicare Eligible, you may transfer directly to Humana. endstream endobj 17 0 obj <>stream West Virginia University Transportation and Parking unit is seeking applications for a Trades Specialist I (Electrician). If his or her reemployment is for a period of one year or longer, his or her annuity shall be recalculated and he or she shall be granted an increased annuity due to the additional employment, the annuity to be computed according to 5-10-22 of this code. in which the employee served, or any member of the legislative body of any other political subdivision shall become a member of the retirement system provided he or she notifies the retirement system in writing of his or her intention to be a member of the system and files a membership enrollment form as prescribed by the Board of Trustees, and each person, upon filing his or her written notice to participate in the retirement system, shall by that act authorize the Clerk of the House of Delegates or the Clerk of the State Senate or such person or legislative agency as the legislative body of any other political subdivision shall designate to deduct the members contribution, as provided in 5-10-29(b) of this code, and after the deductions have been made from the members compensation, the deductions shall be forwarded to the retirement system. Online access for current retirees -PEIA Insurance Contact Information Other employees shall pay the states share and the employees share to purchase retroactive service credit. H|SMo@WHb3|[(J q@aRV*];$](63[6!ys34ow! You will need to update your coordination of benefits with UMR. Manage My Benefits. In any case of doubt as to who is an employee within the meaning of this article, the board of trustees shall decide the question; (12) "Employer error" means an omission, misrepresentation, or deliberate act in violation of relevant provisions of the West Virginia Code, the West Virginia Code of State Regulations. ARTICLE 10. Once a legislative employee has been employed during regular sessions for seven five consecutive calendar years or has become a full-time employee of the Legislature, that employee shall receive the service credit provided in this section for all regular and interim sessions and interim days worked by that employee, as certified by the clerk of the house in which the employee served, regardless of when the session or interim legislative employment occurred: And provided further, That regular session legislative employment for seven consecutive years may be served in either or both houses of the Legislature. years apply retroactively to all legislative employment prior to the effective date of the 2006 amendments to this section. Public Employees Retirement System (PERS) For. (f) Any individual who is a leased employee is not eligible to participate in the system. , July 3, 2014. (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: , 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; (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: , 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; (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: , 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: , 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; 5-10-14. . (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: Provided, 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. endstream endobj 11 0 obj <> endobj 12 0 obj <> endobj 13 0 obj <>stream Not to exceed $2,000. DIVISION OF REGULATORY AND FISCAL AFFAIRS. Plan provides a complement to help you save toward your financial goals in . Another alternative is to continue in the PPB plan you have when you retire. (2) Suspend the payment of his or her annuity and become a contributing member of the retirement system as provided in subsection (c) of this section. Subsequent to your hire are other issues that affect how much of your salary you bring home. calendar years, service credit of one month shall be awarded for each 10 days employed in the interim between regular sessions, which interim days shall be cumulatively calculated so that any 10 days, regardless of calendar month or year, shall be calculated toward any award of one month of service credit; (2) Except for hourly employees, and those persons who first become members of the retirement system on or after July 1, 2015, 10 or more months of service credit earned in any calendar year shall be credited as a year of service: , That no more than one year of service may be credited to any member for all service rendered by him or her in any calendar year and no days may be carried over by a member from one calendar year to another calendar year where the member has received a full-year credit for that year; and. Pension Credit Expansion to Cost W.Va. $197 Million. . (d) Active members who previously worked in Comprehensive Employment and Training Act (CETA) may receive service credit for time served in that capacity: Provided, That in order to receive service credit under the provisions of this subsection the following conditions must be met: (1) The member must have moved from temporary employment with the participating employer to permanent full-time employment with the participating employer within 120 days following the termination of the members CETA employment; (2) the board must receive evidence that establishes to a reasonable degree of certainty as determined by the board that the member previously worked in CETA; and (3) the member shall pay to the board an amount equal to the employer and employee contribution plus interest at the amount set by the board for the amount of service credit sought pursuant to this subsection: Provided, however, That the maximum service credit that may be obtained under the provisions of this subsection is two years: Provided further, That a member must apply and pay for the service credit allowed under this subsection and provide all necessary documentation by March 31, 2003: And provided further, That the board shall exercise due diligence to notify affected employees of the provisions of this subsection. The membership of the retirement system consists of the following persons: (a) All employees, as defined in 5-10-2 of this code, who are in the employ of a political subdivision the day preceding the date it becomes a participating public employer and who continue in the employ of the participating public employer on and after that date shall become members of the retirement system; and all persons who become employees of a participating public employer on or after that date shall thereupon become members of the system; except as provided in subdivisions (b), (c) and (d) of this section. In any case of doubt as to who is an employee within the meaning of this article, the board of trustees shall decide the question; (12) "Employer error" means an omission, misrepresentation, or deliberate act in violation of relevant provisions of the West Virginia Code, or of the West Virginia Code of State Regulations, or the relevant provisions of both the West Virginia Code and of the West Virginia Code of State Regulations by the participating public employer that has resulted in an underpayment or overpayment of contributions required; (13) "Final average salary" means either of the following: Provided, That salaries for determining benefits during any determination period may not exceed the maximum compensation allowed as adjusted for cost of living in accordance with 5-10D-7 of this code and Section 401 (a) (17) of the Internal Revenue Code: Provided, however, That the provisions of 5-10-22h of this code are not applicable to the amendments made to this subdivision during the 2011 regular session of the Legislature; (A) The average of the highest annual compensation received by a member, including a member of the Legislature who participates in the retirement system in the year 1971 or thereafter, during any period of three consecutive years of credited service contained within the members 15 years of credited service immediately preceding the date his or her employment with a participating public employer last terminated: Provided, That for persons who were first hired on or after July 1, 2015, any period of five consecutive years of contributing service contained within the members 15 years of credited service immediately preceding the date his or her employment with a participating public employer last terminated; or. If you are aware of cases where a member or an employer is violating the rules -Want to make a difference in your community? (a) The Legislature finds that a compelling state interest exists in maintaining an actuarially sound retirement system and that this interest necessitates that certain limitations be placed upon an individuals ability to retire from the system and to then later return to state employment as an employee with a participating public employer while contemporaneously drawing an annuity from the system. West Virginia Legislature's Office of Reference & Information. hlRmHSQ~mwY-+D-GV3V3eLl]0BZ?f ?hWM ~Rr4(Ds=/ =Q+xO5,4SRpD+ $_U.-k\L"V}>X6aKS{UO^--L8A}'7gnoe>-v[w:dGU/5'5oLL6e8>{un~carGj7Fdr/xu ^i]'jd[ fB9td]1Dd">F`g"#`'DdfuR!~T\7&$pE=}B9 !HHp!X!D0 l=)t"QTuHM!@%n;dF 5;j (b) For the purposes of this section: (1) "Regularly employed on a full-time basis" means employment of an individual by a participating public employer, in a position other than as an elected or appointed public official, which normally requires 12 months per year service and at least 1,040 hours of service per year in that position; (2) "temporary full-time employment" or "temporary part-time employment" means employment of an individual on a temporary or provisional basis by a participating public employer, other than as an elected or appointed public official, in a position which does not otherwise render the individual as regularly employed; (3) "former employee of the Legislature" means any person who has retired from employment with the Legislature and who has at least 10 years contributing service with the Legislature; and (4) "reemployed by the Legislature" means a former employee of the Legislature who has been reemployed on a per diem basis not to exceed 175 days per calendar year. ?Rh d^g0bZK4Px/kgh/qfkrd%;cgrn@zs\J\'|ZdRW (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. :G$Jv4{+G|7dPBs4[cg|:0pVk1/ 5 8 d~MZl%T bBJ(a^Y@y0i?vDpX %c I^f_p.fl0;6To^ H7y=zm0 JJHtft:[T@R3wAP OcJ \H_W~:0~\M+&Y J1}V&&U*s~{;Fca:l]4s KBrnlsDst!K]+KId$rPRYoKA<9OHG]Xx%04LZiNQ%}=h9KY!MlU$~b7"( All annuities shall be paid in equal monthly installments, rounding to the upper cent for any fraction of a cent; (5) "Annuity reserve" means the present value of all payments to be made to a retirant or beneficiary of a retirant on account of any annuity, computed upon the basis of mortality and other tables of experience, and regular interest, adopted by the board of trustees from time to time; (6) "Beneficiary" means any person which shall include an irrevocable special needs trust, as that term is defined in this section, for the benefit of one individual beneficiary and which trust terminates upon the death of such individual with no further annuity benefits being payable, except a retirant, who is entitled to, or will be entitled to, an annuity or other benefit payable by the retirement system; (7) "Board of Trustees" or "board" means the Board of Trustees of the West Virginia Consolidated Public Retirement Board; (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. 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