Current through Register Vol. XLI, No. 24, June 14, 2024
Section 162-4-5 - Monthly Benefits5.1. Monthly benefit options. Members who make contributions to the Retirement System, who qualify for benefits because of age, disability or service, shall select one of the following options, subject to the provisions of W. Va. Code § 18-7A-1 et seq.:5.1.1. Straight Life Annuity. Monthly benefits for the lifetime of the retirant. The retirant's death terminates this option. In the event of the retirant's death before the total benefits received equal the member's accumulated contributions at retirement, the plan shall pay a sum equal to the balance of the remaining accumulated contributions to the named beneficiary or the estate.5.1.2. 100% Joint & Survivor Annuity. Monthly benefits payable for the lifetime of the retirant. If the retirant dies prior to the beneficiary, the monthly benefit would be continued in the same amount to the beneficiary for the lifetime of the beneficiary. If the beneficiary dies prior to the retirant, the monthly benefit would be continued in the same amount to the retirant for the lifetime of the retirant.5.1.3. 50% Joint & Survivor Annuity. Monthly benefits payable for the lifetime of the retirant. If the retirant dies prior to the beneficiary, the monthly benefit would be continued for half the amount to the beneficiary for the lifetime of the beneficiary. If the beneficiary dies prior to the retirant, the monthly benefit would be continued in the same amount to the retirant for the lifetime of the retirant.5.1.4. Ten Year Certain & Life Annuity. Monthly benefits payable for the lifetime of the retirant. If the retirant dies before having received a total of one hundred twenty (120) payments, the balance of payments continues to the retirant's named beneficiary or contingent beneficiary, if living; otherwise, the plan shall pay the present value of the payments to the retirant's estate.5.2. Effective Retirement Date. A retirant's effective retirement date is the first day of the month following termination of employment, retirement eligibility and the Retirement System's receipt of a completed retirement application: Provided, That any member who terminates employment, has a break in service prior to retirement and submits his or her retirement application at a date after he or she meets retirement eligibility may have an effective retirement date retroactive no more than four (4) months from the first day of the month following the Retirement System's receipt of the completed retirement application as provided in W. Va. Code § 18-7A-26.5.3. Payment of monthly benefit. The Board shall pay all monthly benefits in twelve (12) monthly payments, with fractions of a cent considered a cent. 5.3.1. When an application for regular, deferred or early retirement has been submitted by a member who has met all the eligibility requirements and who dies before the application is processed by the Board, the Board shall process the application as though the applicant were still alive.5.4. Option chosen final. When the choice of an option has been made, that choice is final and cannot after that date be changed, except as provided in W. Va. Code § 18-7A-26 and § 18-7A-28. A beneficiary cannot affect or change the option chosen by the member.5.5. Change in monthly benefit. A retirant may submit new information at any time for the Board's consideration. Upon the Board's acceptance of the new data, the Board shall change the monthly benefit accordingly effective the first day of the following month.