Current through Register Vol. XLI, No. 24, June 14, 2024
Section 162-3-6 - Vesting6.1. Member contributions one hundred percent (100%) vested. The member's portion of the annuity account is comprised of member contributions, reinstatements, rollover contributions, and earnings and is one hundred percent (100%) vested at all times.6.2. Vesting employer contributions on death or permanent and total disability. If a member's employment with a participating employer is terminated on account of death or permanent and total disability, one hundred percent (100%) of the employer contributions, with earnings on such contributions, in the member's annuity account, is non-forfeitable and immediately vests.6.3. Employer account vesting on termination. If a member's employment is terminated, except for death or permanent and total disability, the following percentages in the employer portion of the member's annuity account vest and the Board shall distribute to or set aside the money for the member in accordance with Section 7 of this Rule. Total Years of Employment Service for Vesting | VESTED PERCENTAGE OF EMPLOYER CONTRIBUTIONS AND EARNINGS THEREON |
At least 6 completed years, but less than 9 | 33 1/3% |
At least 9 completed years, but less than 12 | 66 2/3% |
At least 12 completed years | 100% |
6.3.1. The employer's portion of the member's annuity account of a terminated member which is not vested as provided in this subsection shall be retained by the Board in a suspension account in accordance with W. Va. Code § 18-7B-11.6.4. Partial vesting. A member who has less than two hundred (200) employment days during a plan year is entitled to partial vesting credit for purposes of computing years of employment service based upon the actual number of employment days during the plan year. For example, if a member was a regular employee of a participating employer, but only had one hundred and fifty (150) employment days during the plan year, that individual would be given three-fourths (3/4) of one (1) year employment service (150/200 = 0.750).6.4.1. Maximum yearly service credit. For purposes of vesting in the Teachers' Defined Contribution Retirement System, no member shall receive more than one (1) year total service credit for any fiscal year due to service being transferred from the Teachers' Defined Benefit Retirement System to the Teachers' Defined Contribution Retirement System which under the Rules of both systems could conceivably entitle him or her to more than one (1) year service credit.6.5. Leave of absence. The Board shall consider as an approved leave of absence any leave approved by the member's participating employer, pursuant to a written policy of the participating employer, provided that the employer provides the Board on an annual basis, or a more frequent basis if directed by the Board, a list of all members who are currently on an approved leave of absence.6.6. Reemployment with participating employer. A member of the Teachers' Defined Contribution Retirement System who terminates employment with a participating employer and becomes reemployed with a participating employer retains his or her previous years of employment service for purposes of vesting.6.7. Workers' compensation. Members who are receiving workers' compensation benefits and who are not contributing to the Teachers' Defined Contribution Retirement System shall not receive any vesting credit until such time as they return to active employment and commence contributing to the System. The Board shall consider a member receiving workers' compensation as being on approved leave of absence therefore allowing the member's reentry into the system.