W. Va. Code R. § 162-5-18

Current through Register Vol. XLI, No. 37, September 13, 2024

Section 162-5-18 - Early Retirement

18.1. Eligibility. Any member who acquires ten (10) years or more of credited service with the Retirement System, three (3) years or more of which are contributing service, and has terminated his or her employment after attaining age fifty-five (55), but before attaining age sixty (60), may be entitled to an actuarially reduced annuity pursuant to W. Va. Code § 5-10-21: Provided, That the member makes application for retirement on or before he or she attains age sixty-two (62).

18.2. Recalculation of early retirement factor after reemployment period. The Board shall treat any member who retires early pursuant to W. Va. Code § 5-10-21, and is subsequently reemployed by a participating public employer of the Retirement System, and who again retires, for purposes of the determination of the newly applicable early retirement factor, as if he or she were retiring at an age calculated by adding to this original early retirement age the number of years and months during which he or she was reemployed. In the event that the artificially determined age exceeds sixty (60), the Board shall not make any reduction for early retirement.