The sum of all amounts deducted from the compensations of a member and credited to his or her individual account in the members’ deposit fund, together with regular interest on the contributions.

A person who statistically calculates risks, premiums, life expectancies, etc.

Former spouse of a participant who is recognized by a domestic relations order as having a right to receive all or a portion of the benefits payable under the qualified retirement plan with respect to the participant.

An annual amount payable by the retirement system throughout the life of a person. All annuities shall be paid in equal monthly installments, using the upper cent for any fraction of a cent.

A retiree, beneficiary, or survivor of the retiree receiving a benefit from PERS/TRS/JRS/DSRS/PLAN A/PLAN B or TDC.

Any person, except a retirant, who is entitled to, or will be entitled to, an annuity or other benefit payable by the retirement system.

Means pension, annuity, disability or any other benefits granted pursuant to a retirement plan.

Or “board” means the board of trustees of the West Virginia CPRB.

Means service rendered by a member within this state and for which the member made contributions to a public retirement system account of this state, to the extent credited him or her as provided by this article. This revised definition is retroactive and applicable to the first day of April, on thousand nine hundred eighty-eight, and thereafter.

Means the sum of a member’s prior service credit and contributing service credit standing to his or her credit as provided in this article.

A plan that is designed to provide participants with a definite benefit at a retirement (e.g., a monthly benefit of 20 percent of compensation upon reaching age 55). Contributions under the plan are determined by reference to the benefits provided, not on the basis of a percentage of compensation.

A plan that provides an individual account for each participant and in which benefits are based solely upon the amount contributed to the account (plus or minus any income, expenses, gain, and losses allocated to the account).

A distribution to an employee made in the form of a direct trustee-to-trustee transfer from a qualified retirement plan to an eligible retirement plan.

Any person who serves regularly as an officer or employee, full time, on a salary basis, whose tenure is not restricted as to temporary or provisional appointment, in the service of, and whose compensation is payable, in whole or in part, by any political subdivision, or an officer or employee whose compensation is calculated on a daily basis and paid monthly or on completion of assignment, including technicians and other personnel employed by the West Virginia national guard whose compensation, in whole or in part, is paid by the federal government.

Employee Retirement Income Security Act of 1974. The basic law covering qualified plans and incorporates both the pertinent Internal Revenue Code provisions and labor law provisions. ERISA is designed to protect the rights of beneficiaries of employee benefit plans offered by employers, unions, and the like. Additionally, ERISA imposes various qualification standards and fiduciary responsibilities on both welfare benefit and retirement plans, and provides enforcement procedures as well. In the retirement area, it also provides standards for tax qualifications.

A 12-month period used for accounting purposes. The fiscal year calendar is from July 1st to June 30th.

The power entrusted to a person or entity (fiduciary) to manage money or property for another person. Fiduciary responsibility requires that actions taken on behalf of the principal will be beneficial to the principal's interests.

Any person who is included in the membership of the retirement system.

Means the state of West Virginia, any board, commission, department, institution or spending unit, and includes any agency created by rule of the supreme court of appeals having full-time employees, which for the purposes of this article is considered a department of state government; and any political subdivision in the state which has elected to cover its employees, as defined in this article, under the West Virginia public employees retirement system.

Means service rendered prior to the first day of July, on thousand nine hundred sixty-one, to the extent credited a member as provided in this article. (PERS)

Means the state of West Virginia and any political subdivision, agency, or instrumentality thereof for which there is established a retirement plan.

A court order issued under state domestic relations law that relates to the payment of marital property rights. A QDRO creates or recognizes an alternate payee’s right, or assigns to an alternate payee the right, to receive plan benefits payable to a participant. The alternate payee may be the participant’s spouse, former spouse, or dependent.

Any member who retires with an annuity payable by the retirement system.

A member’s withdrawal from the employ of a participating public employer with an annuity payable by the retirement system.

Means the systems under West Virginia CPRB.

A tax-free transfer of cash or other assets from one retirement plan to another.

Means personal service rendered to a participating public employer by an employee of a participating public employer.

A dependent eligible to receive a benefit upon a member's death.

The right to specified benefits granted to eligible employees after a fixed period of employment and membership.