Current through Register Vol. XLI, No. 24, June 14, 2024
Section 162-4-7 - Termination of Membership and Withdrawal7.1. Termination of membership by death. If a member who dies was at least fifty (50) years of age and had twenty-five (25) years of service credit, the surviving spouse shall receive a 100% Joint & Survivor Annuity, provided the surviving spouse is designated as the member's sole refund beneficiary. 7.1.1. In the event the member's spouse does not qualify for an annuitized benefit at the death of the member, the member's beneficiary shall receive the sum prescribed in W. Va. Code § 18-7A-23(b)(2).7.2. Termination of membership by withdrawal prior to retirement. Any member who ceases covered service prior to retirement may terminate membership by making written application for refund of his or her accumulated contributions, subject to offset of any outstanding loan balance, plus accrued interest, pursuant to W. Va. Code § 18-7A-34 and section 8 of this rule. 7.2.1. A member who has at least five (5) years of West Virginia service may be eligible to elect to receive a retirement annuity in accordance with the provisions of W. Va. Code § 18-7A-23(a)(2). The member shall notify the Board in writing of the election.7.3. Termination of membership when loan balance equals or exceeds accumulated contributions. A member who is no longer in covered service, but has not elected to terminate membership and withdraw his or her accumulated contributions, will have his or her membership terminated, and be considered to have requested a withdrawal prior to retirement, if and when the outstanding balance of any loan obtained by the member, plus accrued interest, equals or exceeds his or her accumulated contributions. The member's withdrawal shall be offset at the time of membership termination by the outstanding loan balance, pursuant to W. Va. Code § 18-7A-34 and subsection 8.2. of this rule.