Current through Register Vol. XLI, No. 50, December 13, 2024
Section 162-7-6 - Loan Interest and Payments6.1. Loans made to members of the Deputy Sheriff Retirement System pursuant to W. Va. Code § 7-14D-23 shall carry interest on the unpaid balance, at an annual effective interest rate which is two hundred (200) basis points higher than the most recent rate of interest used by the Board for determining actuarial contribution levels.6.2. Loans made to members of the Teachers' Retirement System pursuant to W. Va. Code § 18-7A-34 shall carry interest on the unpaid balance, at a rate commensurate with the numeric rate applied by the Board to loans made to members of the Deputy Sheriff Retirement System, or the rate of six percent (6%), whichever is higher.6.3. All loan payments remitted by an employer are due the Teachers' Retirement System or the Deputy Sheriff Retirement System within fifteen (15) days following the end of the calendar month for which the payment is made.6.4. All loan payments remitted by personal payment, if permitted, are due the Teachers' Retirement System or the Deputy Sheriff Retirement System by the last day of the calendar month for which the payment is due.