W. Va. Code R. § 162-10-21

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

Section 162-10-21 - Concurrent Employment

21.1. Upon notification of a member's concurrent employment, the Board's staff shall compute the member and employer retirement contribution amounts owed the Deputy Sheriff Retirement System. If complete payment of the member and non-deputy sheriff employer contributions is not made within sixty (60) days of notice from the Board, the member and the non-deputy sheriff employer shall be required to pay the actuarial interest rate assumption approved by the Board for the actuarial valuation for the plan year immediately preceding the first day of the plan year in which the concurrent service purchase is made, compounded per annum. Accrual of the loss in earnings owed the Deputy Sheriffs Retirement System continues until the concurrent member and non-deputy sheriff employer contributions are paid.

21.2. Concurrent retirement contributions and interest, if applicable, must be paid to the Deputy Sheriff Retirement System prior to the member's effective retirement date with the Deputy Sheriff Retirement System.

21.3. Overlapping employment of five (5) working days or less with more than one participating public employer in positions that require participation in more than one retirement system administered by the Consolidated Public Retirement Board does not constitute concurrent employment.

W. Va. Code R. § 162-10-21