Current through Register Vol. XLI, No. 37, September 13, 2024
Section 162-5-2 - Definitions2.1. Board. - The West Virginia Consolidated Public Retirement Board.2.2. Retirement System. - The West Virginia Public Employees Retirement System.2.3. Full-time employment. - Employment of an employee by a participating public employer in a position which normally requires twelve (12) months per calendar year service and requires at least one thousand forty (1,040) hours per calendar year service in that position.2.4. Increment Pay. - A specific monetary amount guaranteed to be regularly paid to a full-time employee.2.5. Insurable Interest. - Insurable Interest means an interest that arises from the ties of blood or marriage to the member that will justify a reasonable expectation or advantage or benefit from the continuance of his or her life, or that relationship where a person has a legal claim on the member for service or support from the personal relationship between them, and where he or she has a reasonable right to expect some pecuniary advantage from the continuance of the life of the member.2.6. Part-time employment. - Employment of an employee by a participating public employer in a position which requires less than one thousand forty (1,040) hours per calendar year service in that position.