Current through Register Vol. XLI, No. 24, June 14, 2024
Section 162-4-3 - Membership Eligibility3.1. Membership eligibility in this system closed as of July 1, 1991. Provided, That membership eligibility in this system is reopened for any individual who becomes a member of the Teachers' Retirement System for the first time on or after July 1,2005, or any individual who becomes a member of the Teachers' Retirement System as a result of the voluntary transfer contemplated in W. Va. Code § 18-7D-1 et seq.3.2. Membership ceases: 3.2.1. Upon death of the member;3.2.2. Upon the effective retirement date of the member;3.2.3. Upon withdrawal of accumulated contributions by the member;3.2.4. Upon transfer of assets to the West Virginia Teachers' Defined Contribution Retirement System; or3.2.5. Upon the date, if any, when after the cessation of service, the outstanding loan balance of any loan obtained by a member, plus accrued interest, equals or exceeds the member's accumulated contributions.3.3. Beneficiary:3.3.1. Each member may name a refund or surviving beneficiary;3.3.2. A member may change his or her beneficiary prior to retirement by filing a proper record with the Board;3.3.3. Beneficiary changes after retirement are subject to the terms of the retirement option chosen.3.4. Substitute teachers, non-teaching substitutes and temporary employees are not eligible for membership in the Teachers' Retirement System, except as provided in W. Va. Code § 18A-4-15.