(d) "Active military duty" means full-time active duty with any branch of the armed forces of the United States, including service with the National Guard or reserve military forces when the member has been called to active full-time duty and has received no compensation during the period of that duty from any board or employer other than the armed forces. (c) "Active member" means a member who is active and contributing to the plan. of this code, either pursuant to §7-14D-7 of this code or §5-10-29 of this code as a result of covered employment together with regular interest on the deducted amounts. (b) "Accumulated contributions" means the sum of all amounts deducted from the compensation of a member, or paid on his or her behalf pursuant to §5-10C-1 et seq. A member’s accrued benefit may not exceed the limits of Section § 415 of the Internal Revenue Code and is subject to the provisions of §7-14D-9(a) of this code. (a) "Accrued benefit" means on behalf of any member two and one-quarter percent 2.50 % percent of the member’s final average salary multiplied by the member’s years of credited service: Provided, That members who are retired on or retire after July 1, 2018, shall have an accrued benefit of two and one-half percent 3.00% three percent of the member’s final average salary multiplied by the member’s years of credited service. Definitions.Īs used in this article, unless a federal law or regulation or the context clearly requires a different meaning: By Delegates Ross, Dillon, Linville, Cannon, Dean, and BridgesĪ BILL to amend and reenact §7-14D-2 of the Code of West Virginia, 1931, as amended, relating to deputy sheriff retirement benefits.īe it enacted by the Legislature of West Virginia:ĪRTICLE 14D.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |