W. Va. Code R. § 162-5-28

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

Section 162-5-28 - Repayment of Withdrawals

28.1. Any former member of the Retirement System who withdrew his or her contributions and who is reemployed by a participating public employer may repay his or her withdrawals in periodic payments, together with interest as provided for in the West Virginia Consolidated Public Retirement Board's rule Refund, Reinstatement and Loan Interest Factors, 162CSR7, et seq. The individual shall be reemployed with a participating public employer(s) for one full year before any repayment of funds are allowed and the repayment must begin within two (2) years of reemployment. All funds must be repaid within five (5) years of reemployment.

28.2. All previously withdrawn contributions shall be repaid in full in order to receive service credit.

28.3. Reinstated service credit shall be posted to the member's account upon payment in full.

28.4. Termination or transfer of employment from one participating public employer and acceptance of employment with another participating public employer may be considered reemployment for the purposes of reinstating previously withdrawn service.

W. Va. Code R. § 162-5-28