Current through Register Vol. XLI, No. 24, June 14, 2024
Section 162-3-3 - Definitions3.1. For the purposes of the Teachers' Defined Contribution Retirement System, the following definitions apply, unless the context clearly requires a different meaning: 3.1.1. "Accrued benefit" is the amount credited to the member's annuity account.3.1.2. "Annuity account" means a two-part account established for each individual member to record the deposit of: (1) member contributions and interest, dividends or other accumulations credited on the contributions to the account on behalf of the member (the "member account"); and (2) employer contributions and interest, dividends or other accumulations credited on the contributions to the account on behalf of the member (the "employer account").3.1.3. "Beneficiary" means any person, estate or trust who by operation of law, or under the terms of the System, or otherwise, is entitled to receive any accrued benefit of a member under the System. A "designated beneficiary" means any individual designated or determined in accordance with this Rule, except that it shall not include any person who becomes a beneficiary by virtue of the law of inheritance or intestate succession.3.1.4. "Cash-out" is a distribution of an accrued benefit to a former member which meets the following requirements: (1) the former member has voluntarily elected to receive the distribution of contributions from the system and (2) the distribution is made on account of the employee's termination of participation in the system.3.1.5. "Compensation" refers to all compensation paid during the plan year as wages, salary or commissions by a participating employer to a member including overtime payments and amounts contributed to any welfare benefit plans maintained by the employer or by the State through a reduction in the member's compensation which pursuant to Internal Revenue Code §125 are not included in the gross income of the member for the year in which the amounts are contributed. However, compensation does not include the value of accrued unused sick leave or vacation leave. Compensation also does not include all contributions by the employer to the plan and to any other retirement or deferred compensation plan maintained by the employer or amounts exceeding the provisions of W. Va. Code § 5-10D-7.3.1.6. "Employment day" means a day a member is paid compensation for full-time service by a participating employer.3.1.7. "Forfeiture" means the employer contributions and investment income on such contributions held in the suspension account created pursuant to W. Va. Code § 18-7B-11 that have been irrevocably forfeited by reason of lapse of time.3.1.8. "Leave of absence" refers to that period during which the member is absent from his or her employment without compensation and for which the employer has determined the member to be on a "leave of absence" instead of having separated from his or her employment.3.1.9. "Participating employer" means any employer who employed or employs a member of the Teachers' Defined Contribution Retirement System.3.1.10. "Permanent and total disability" means a mental or physical incapacity from service as a teacher or other position requiring a member to be absent from employment service for at least six (6) months prior to the member's termination date. Provided, that the incapacity is shown by a physician or physicians selected by the Board in accordance with this Rule.3.1.11. "Plan year" means the period commencing on the first day of July and ending on the thirtieth day of June, the following year.3.1.12. "Public schools" means all publicly supported schools, including normal schools, colleges and universities in the State.3.1.13. "Regularly employed for full-time service" means employment in a regular position or job throughout the employment term regardless of the numbers of hours worked or the method of pay.3.1.14. "Retirement age" means at least fifty-five (55) years of age for the member.3.1.15. "State" means the State of West Virginia, its political subdivisions and state agencies.3.1.16. "Termination date" means the date on which the earliest of the following events occurs: (1) a member's retirement, (2) a member's termination of employment as a result of permanent and total disability, (4) a member's termination of employment for any other reason.3.1.17. "Trust" means the trust created by State law pursuant to W. Va. Code § 18-7B-1 et seq.3.1.18. "Trust fund" consists of the employer contributions, member contributions, and money in any revenue sharing account, all of which are invested in various investment options and are held by the Teachers' Defined Contribution Retirement System, with income or appreciation on the investments.