W. Va. Code R. § 162-5-19

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 162-5-19 - Effective Date for Commencement of Annuity

19.1. Deferred or Early Retirement Annuity. Any member who terminates his or her employment and who is eligible for a deferred or early retirement annuity pursuant to W. Va. Code § 5-10-21 shall commence annuity payments the first day of the calendar month following eligibility, termination of employment and benefits or the month in which his or her retirement application is received by the Board, whichever occurs last. Upon receipt of all properly executed forms from the member and former employer, the Board shall process the retirement annuity as soon as administratively feasible.

19.2. Disability Retirement Annuity. Disability annuity payments will commence for any member of a participating public employer who is approved for a disability retirement annuity pursuant to W. Va. Code § 5-10-25 effective the first day of the month following receipt of application or the first day of the month following termination of employment and benefits, whichever occurs last. Upon receipt of all properly executed forms submitted by the employer or former employer and the disability retirant as required pursuant to the Consolidated Public Retirement Board's rule, Benefit Determination and Appeal, 162CSR2, the Board shall process the disability retirement annuity as soon as administratively feasible.

19.3. Regular Retirement Annuity. Any employee, age sixty (60) or older, who was eligible for a regular retirement annuity pursuant to W. Va. Code § 5-10-20 upon terminating his or her employment and who files his or her retirement application within one (1) year of termination of employment shall commence annuity payments the first day of the month following the month in which he or she terminated employment and benefits with a participating public employer. Any employee, age sixty (60) or older, who was eligible for a regular retirement annuity pursuant to W. Va. Code § 5-10-20 upon terminating his or her employment and who files his or her retirement application after one (1) year of termination of employment shall commence annuity payments the first day of the month following the month in which his or her application is received. Upon receipt of all properly executed forms from the member and former employer, the Board shall process the retirement annuity as soon as administratively feasible.

19.4. Survivor Annuity. If a member dies prior to retirement and a survivor annuity is payable pursuant to W. Va. Code § 5-10-27, the survivor annuity payments shall commence effective the first day of the month following the death of the member. Upon receipt of all properly executed forms from the survivor and the former employer of the deceased member, the Board shall process the survivor annuity as soon as administratively feasible.

19.5. Required Minimum Distributions. Notwithstanding anything in this Rule to the contrary, distributions shall be made in accordance with the provisions of W. Va. Code § 5-10-27b.

W. Va. Code R. § 162-5-19