The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that dictate how disability retirement benefits are calculated. According to West Virginia Code §5-10-17, a member who becomes totally incapacitated for duty as a result of a medical condition or injury not incurred in the line of duty is entitled to a disability retirement benefit. The calculation for such a benefit, when the disability is not duty-related, is generally based on the member’s age and years of service. Specifically, if the member has less than 10 years of credited service, the benefit is calculated as the actuarial equivalent of the member’s accumulated contributions. If the member has 10 or more years of credited service, the benefit is calculated as 2% of the member’s average final compensation multiplied by the member’s years of credited service, not to exceed 70% of the average final compensation. For a member with 15 years of credited service and an average final compensation of \$50,000, and assuming the disability is not duty-related and they have met the service requirements for disability, the calculation would be: 2% * \$50,000 * 15 years = \$1,000 per year. However, this is a simplified illustration; the actual calculation involves actuarial factors for a reduced benefit if the member is younger than the normal retirement age. The statute provides for a benefit equivalent to that which would have been provided had the member continued in service until the normal retirement age, but not to exceed the benefit the member would have received at normal retirement age. For a member with 15 years of service and a disability not incurred in the line of duty, the benefit is calculated as the actuarial equivalent of the benefit they would have received at their normal retirement age, based on their current service and compensation. This often translates to a calculation similar to 2% of average final compensation multiplied by years of service, capped at a certain percentage of their final compensation, but actuarial reductions may apply based on age. Assuming a normal retirement age of 65 and the member is currently 55 with 15 years of service, the benefit is calculated as the actuarial equivalent of what they would have received at 65. A common method for non-duty-related disability with 10+ years of service is 2% of average final compensation times years of service, with a potential actuarial adjustment if the benefit is paid before normal retirement age. If the member has 15 years of service and an average final compensation of \$50,000, and assuming they are under normal retirement age, the base calculation before actuarial reduction would be 0.02 * \$50,000 * 15 = \$15,000 annually. The statute mandates that the disability benefit shall not be less than the actuarial equivalent of the member’s accumulated contributions, and for those with 10 or more years of service, it’s calculated based on their age and service, typically as 2% of average final compensation per year of service, with potential actuarial reductions. The core principle is that the benefit aims to approximate what the member would have received at normal retirement age, adjusted for the disability. For a member with 15 years of service and an average final compensation of \$50,000, the calculated annual benefit, assuming it’s not duty-related and they meet the criteria for disability, would be the actuarial equivalent of their projected retirement benefit. This typically means a calculation of 2% of average final compensation for each year of service, with adjustments for early commencement. The statutory framework for non-duty-related disability retirement for members with 10 or more years of service in West Virginia’s PERS provides for a benefit calculated as the actuarial equivalent of the benefit the member would have received at their normal retirement age. This is generally interpreted as 2% of the member’s average final compensation for each year of credited service. Therefore, for a member with 15 years of service and an average final compensation of \$50,000, the annual benefit calculation would be: 0.02 * \$50,000 * 15 = \$15,000. This amount is subject to actuarial reduction if the member is receiving the benefit before reaching their normal retirement age. However, the question asks for the benefit calculation under the statute, which is framed as the actuarial equivalent of the benefit they would have received at normal retirement. The statutory language for non-duty-related disability for those with 10 or more years of service in West Virginia PERS generally equates to 2% of the average final compensation for each year of credited service, without an explicit cap on the percentage of final compensation derived from this calculation, though the total benefit cannot exceed the benefit payable at normal retirement age. Thus, the calculation is 2% of \$50,000 multiplied by 15 years, resulting in \$15,000 annually.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that dictate the crediting of service for members. West Virginia Code §5-10-14 outlines the provisions for creditable service, which is essential for calculating retirement benefits. This statute specifies that service rendered as a full-time employee of a participating public employer in West Virginia is generally creditable. However, it also details conditions under which certain periods of employment may not be considered creditable or may require specific contributions or conditions to be met. For instance, periods of service that were not accompanied by the required contributions by both the employee and the employer, or service rendered in a capacity not recognized by PERS as qualifying, would not automatically be included in the creditable service calculation. The law emphasizes that creditable service is earned through active participation and contribution to the retirement system. Therefore, a period of employment with a non-participating entity, even if it was a public agency within West Virginia, would not be considered creditable service for a PERS member unless specific reciprocity agreements or statutory exceptions apply, which are not indicated in the general provisions for standard service crediting.

The scenario presented involves the West Virginia Public Employees Retirement System (PERS) and the application of vesting requirements for a member who separates from service before reaching the age of eligibility for unreduced benefits. Under West Virginia Code §5-10-17, a member who leaves PERS service after accumulating at least five years of credited service, but prior to reaching age sixty, is entitled to a deferred retirement benefit. This benefit becomes payable upon reaching age sixty. The calculation of this deferred benefit is based on the member’s final average salary and the benefit multiplier in effect at the time of separation, applied to the total credited service earned. The key concept is that separation from service before meeting the age and service requirements for immediate retirement does not forfeit vested rights if the minimum service credit threshold is met. The benefit is “deferred” because its payment is postponed until the specified age is attained. The explanation of the calculation involves understanding that the benefit is not paid immediately upon separation but at a later date, and its value is determined by the salary and service at the time of separation, not at the time of future payment. The final answer represents the statutory entitlement to a deferred benefit under these specific conditions.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes, primarily found in Chapter 5 of the West Virginia Code. The eligibility for disability retirement benefits under PERS is detailed within these statutes. Generally, a member must have accumulated at least five years of credited service to be eligible for disability retirement. This service requirement is distinct from the service required for regular superannuation retirement. The disability must also be certified by the West Virginia State Medical Board or a designated physician, and it must be a condition that prevents the member from performing their duties. The law also specifies that the disability must be permanent in nature. The question asks about the minimum credited service for disability retirement. Based on West Virginia Code §5-10-17, the minimum requirement is five years of credited service.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes, primarily found within West Virginia Code Chapter 5, Article 10. This chapter outlines the eligibility, contribution, benefit calculation, and administration of the retirement system for state employees. When a member of the West Virginia PERS separates from service before meeting the minimum age and service requirements for retirement, their accumulated contributions are typically subject to forfeiture if not withdrawn. However, the law provides for the return of these contributions, along with any accumulated interest, upon application by the member. The rate of interest applied to these withdrawn contributions is determined by the PERS Board of Trustees, in accordance with statutory guidelines. West Virginia Code §5-10-17 addresses the refund of contributions, stating that if a member leaves service and is not eligible for a retirement allowance, they may elect to receive a refund of their accumulated contributions. The statute further specifies that interest is paid on these refunds at a rate determined by the Board, but it does not mandate a specific fixed percentage that must be applied universally to all withdrawn contributions regardless of the withdrawal date or market conditions. Instead, it allows for a rate determined by the Board, which can fluctuate. Therefore, to accurately determine the refund amount, one would need to know the specific interest rate applied by the PERS Board at the time of the refund processing, as stipulated by their administrative rules and policies, which are informed by the statutory framework. Without knowing the specific interest rate declared by the PERS Board for the relevant period, a precise calculation cannot be performed. The question tests the understanding that the interest rate for withdrawn contributions is not a fixed statutory percentage but is determined by the PERS Board, reflecting administrative discretion within legal parameters.

West Virginia Code §5-10-1 et seq., specifically the West Virginia Employees Retirement Act, governs the public employee pension system. This act establishes the Public Employees Retirement System (PERS) and outlines eligibility, contribution, and benefit calculation rules. For a member to be eligible for a disability retirement benefit, they must meet certain criteria, including having at least five years of credited service and becoming totally and permanently disabled while in service. The disability must be such that the member is prevented from performing their usual occupation or any other occupation for which they are reasonably fitted by education, training, or experience. The determination of disability is typically made by the retirement system’s medical board, following an examination and review of medical evidence. The law also specifies procedures for applying for disability retirement, including submission of medical reports and potential appeals. The benefit amount for disability retirement is generally calculated based on the member’s years of credited service and final average salary, often similar to the calculation for service retirement, but with specific provisions for disability. The concept of “totally and permanently disabled” is a key legal standard that requires a high burden of proof from the applicant, demonstrating an inability to engage in gainful employment.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes and administrative rules that dictate eligibility, contribution rates, and benefit calculations. For a member to be eligible for unreduced retirement benefits, they must meet certain age and service requirements. In West Virginia, as of the most recent legislative updates impacting PERS, a member typically needs to be at least 55 years of age and have completed 30 years of credited service, or be at least 62 years of age with 5 years of credited service. The question posits a scenario where a PERS member, Ms. Anya Sharma, has accumulated 28 years of service and is currently 57 years old. To determine her eligibility for unreduced retirement benefits, we must assess if she meets the criteria. While her age of 57 is above the minimum age requirement for one pathway (55 years), her credited service of 28 years falls short of the 30 years needed for that pathway. The alternative pathway requires being at least 62 years old, which she has not yet reached. Therefore, Ms. Sharma is not yet eligible for unreduced retirement benefits under the standard provisions of the West Virginia PERS. Eligibility for reduced retirement benefits might exist if she meets the age requirement and has a minimum of 5 years of service, but the question specifically asks about unreduced benefits. The calculation of the exact benefit amount would involve factors like final average salary and a multiplier, but that is not the focus here; the focus is solely on eligibility for unreduced benefits. The underlying principle tested is the statutory requirement for age and service to qualify for a specific tier of retirement benefits within West Virginia’s public employee system.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that dictate how benefit calculations are performed, particularly concerning service credit and final average salary. For a member retiring under the standard provisions, the pension benefit is calculated by multiplying the member’s years of credited service by their final average salary and then by a multiplier factor. The multiplier factor is determined by the member’s entry date into the system and their years of service. For individuals who became members on or after July 1, 2001, and have 30 or more years of service, the multiplier is 2.00%. For those who became members before July 1, 2001, and have 30 or more years of service, the multiplier is 2.50%. The final average salary is typically the average of the member’s highest consecutive 36 months of earnings. In this scenario, the employee, Ms. Arlene Croft, became a member of the West Virginia PERS on September 1, 1995. She has accumulated 32 years of credited service. Her final average salary, based on her highest consecutive 36 months of earnings, is $72,000. Since Ms. Croft became a member before July 1, 2001, and has 32 years of service (which is 30 or more years), the applicable multiplier is 2.50%. The calculation for her annual pension benefit is as follows: Annual Pension = (Years of Credited Service) × (Final Average Salary) × (Multiplier) Annual Pension = 32 years × $72,000 × 2.50% Annual Pension = 32 × $72,000 × 0.025 Annual Pension = $2,304,000 × 0.025 Annual Pension = $57,600 Therefore, Ms. Croft’s annual pension benefit would be $57,600. This calculation adheres to the statutory framework for pension benefits administered by the West Virginia Public Employees Retirement System, emphasizing the interplay between service credit, final average salary, and the applicable service multiplier based on membership date. The specific multiplier for members who joined before July 1, 2001, with at least 30 years of service is a key determinant in the final benefit amount.

The question concerns the application of West Virginia’s Uniform Prudent Investor Act (UPIA) to the management of a state employee pension fund, specifically regarding the delegation of investment functions. Under the West Virginia UPIA, fiduciaries are permitted to delegate investment functions to a qualified agent, provided they exercise reasonable care, skill, and caution in selecting the agent, establishing the scope and terms of the delegation, and monitoring the agent’s performance. The key is that the fiduciary cannot delegate the entire responsibility without ongoing oversight. The scenario describes the board of trustees of the West Virginia Public Employees Retirement System (PERS) entering into an agreement with an external investment management firm. This agreement allows the firm to make all investment decisions for the fund. However, the board retains the responsibility for establishing investment policies, objectives, and guidelines, and for monitoring the firm’s performance and compliance with these guidelines. This structure aligns with the principles of the UPIA, which allows for delegation but mandates continued fiduciary oversight. Therefore, the board’s actions are consistent with prudent fiduciary practice as defined by West Virginia law. The other options present scenarios that would violate these principles. Allowing the external firm to unilaterally set investment policies would remove the board’s oversight role. Failing to establish clear investment guidelines would mean the delegation lacks proper scope and terms. Merely reviewing quarterly performance reports without considering the underlying strategy and compliance with the established policy would be insufficient monitoring.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that outline the conditions for disability retirement. Under West Virginia Code Chapter 5, Article 10, Section 10-1-17, a member is eligible for disability retirement if they are found to be permanently and incurably incapacitated for duty by a medical board. The statute further clarifies that this incapacitation must be due to a medical condition that arose during their period of service. The determination of permanent and incurable incapacitation is made by a medical board appointed by the PERS Board. This board’s assessment is crucial for approving disability retirement benefits, ensuring that the benefit is granted only to those who meet the statutory criteria of being unable to perform their duties due to a service-connected, long-term medical issue. The process involves a formal application, medical examinations, and a review by the PERS medical board, whose recommendation is then considered by the PERS Board for final approval. This framework ensures that disability retirement is a safeguard for employees who can no longer work due to a qualifying medical condition, rather than a general early retirement option.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that outline the eligibility and calculation of retirement benefits for state employees. The West Virginia Code, particularly Chapter 5, Article 10, details these provisions. For an employee to be eligible for a service retirement benefit, they must have at least five years of credited service and have attained an age that, when added to their years of credited service, equals at least eighty, or have attained age sixty-two with at least five years of credited service. In the scenario presented, Ms. Albright has 30 years of credited service and is 58 years old. Her age plus service years is \(58 + 30 = 88\), which meets the “Rule of 80” requirement. Therefore, she is eligible for a service retirement benefit under West Virginia PERS law. The calculation of the retirement benefit itself involves a formula typically based on the employee’s final average salary and a multiplier that varies based on the class of service. However, the question focuses solely on eligibility. The key statutes to consider are West Virginia Code §5-10-16, which outlines service retirement eligibility, and §5-10-17, which details the calculation of retirement annuities. The scenario clearly demonstrates that Ms. Albright satisfies the age and service credit requirements for service retirement.

The question pertains to the administration and oversight of public employee retirement plans in West Virginia, specifically focusing on the role of the West Virginia Consolidated Public Retirement Board (CPRB). The West Virginia Employees Retirement System (WVERS) is a defined benefit pension plan administered by the CPRB. The West Virginia Public Employees Insurance Agency (PEIA) is responsible for administering health insurance benefits for state employees and retirees, which is a separate function from pension management. The West Virginia Teachers Retirement System (WVICTRS) is another distinct retirement system for educators, also overseen by a separate board. The West Virginia Board of Treasury Investments manages the investment of state funds, including pension assets, but the overall administration and benefit determination for WVERS falls under the CPRB. Therefore, the entity directly responsible for the day-to-day management, record-keeping, and benefit calculations for the West Virginia Employees Retirement System is the West Virginia Consolidated Public Retirement Board.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes and administrative rules that dictate eligibility, contribution requirements, and benefit calculations. For a member to be eligible for a disability retirement benefit, they must have accumulated at least five years of creditable service. This service requirement is a fundamental aspect of West Virginia’s public employee retirement system, ensuring that benefits are provided to those who have dedicated a significant portion of their careers to public service. The law also requires that the disability must be permanent and total, meaning the member is unable to engage in any substantial gainful activity. The medical evidence supporting the disability claim must be reviewed by a medical board, which makes a recommendation to the PERS Board of Trustees. The board then makes the final determination. The calculation of the disability benefit is typically based on the member’s final average salary and their years of creditable service, often resulting in a benefit equivalent to that of a service retirement at the earliest age of eligibility. It is crucial to understand that the disability must originate from and be incurred during the performance of the member’s official duties for the benefit to be considered a duty-related disability, which may carry different benefit calculation nuances. However, the core eligibility for any disability retirement, regardless of its origin, hinges on the accumulation of the requisite creditable service.

The scenario involves the West Virginia Public Employees Retirement System (PERS). When a member of PERS separates from covered employment before becoming eligible for retirement benefits, they have the option to either leave their accumulated contributions in the system or withdraw them. If the member chooses to withdraw their contributions, they forfeit all future rights to any retirement benefits from PERS. The West Virginia Code §5-10-17 outlines the procedures for refunds of contributions. This section specifies that upon termination of employment, a member not eligible for retirement benefits may request a refund of their accumulated contributions, plus any accumulated interest. This refund is typically paid out in a lump sum. However, the critical aspect here is the forfeiture of future benefits. Once a refund is taken, the member’s service credit is nullified, and they cannot later “buy back” that service credit to establish eligibility for retirement benefits unless specific provisions within the law, such as returning to covered employment and redepositing the withdrawn amount plus interest, are met. In this case, Mr. Abernathy, having taken a refund, has no claim to benefits based on his prior service with the state of West Virginia. The governing statute does not mandate a waiting period before a refund can be processed, but the act of receiving the refund is the trigger for the forfeiture of service.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that dictate the calculation of retirement benefits. For a member with 25 years of credited service and an average final salary of \$65,000, the calculation involves applying the statutory multiplier for retirement benefits. According to West Virginia Code §5-10-15, the retirement allowance for members retiring under the age of 62 with at least 20 years of service is calculated by multiplying the average final salary by a factor of 2.1% for each year of credited service. Therefore, the annual retirement benefit would be calculated as follows: Annual Retirement Benefit = Average Final Salary × (Credited Service Years × Multiplier Percentage) Annual Retirement Benefit = \$65,000 × (25 years × 0.021) Annual Retirement Benefit = \$65,000 × 0.525 Annual Retirement Benefit = \$34,125 This calculation represents the gross annual retirement benefit before any deductions for taxes or optional benefit provisions. The statutory framework ensures a consistent and equitable distribution of retirement income based on service and compensation. Understanding the specific multiplier and its application to credited service is crucial for accurate benefit estimation within the West Virginia PERS framework. This calculation adheres to the principles of defined benefit plans, where benefits are predetermined by a formula.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that dictate how disability retirement benefits are calculated. Under West Virginia Code §5-10-17, a member who becomes totally and permanently disabled while in service and who has at least five years of credited service is eligible for disability retirement benefits. The benefit amount is determined by a formula that considers the member’s age, years of service, and final average salary. Specifically, the disability benefit is calculated as the member’s accrued normal retirement benefit as if the member had continued in service to age sixty-two, or for the member’s actual years of service plus any projected service to age sixty-two, whichever is less, multiplied by the member’s final average salary and the appropriate service credit multiplier. For a member with twenty years of service, who is 50 years old, and whose final average salary is \$60,000, the calculation would proceed as follows: First, determine the projected service to age sixty-two. This is \(62 – 50 = 12\) years. The total projected service would be \(20 \text{ years} + 12 \text{ years} = 32\) years. However, the benefit is capped at the benefit the member would receive if they had continued in service to age sixty-two, which would be 32 years of service. The law specifies that the benefit is calculated as if the member had continued in service to age sixty-two or for the member’s actual years of service plus projected service to age sixty-two, whichever is less. In this case, the member has 20 years of service and is 50 years old. If they continued to age 62, they would have 32 years of service. The disability benefit is calculated as if they had 32 years of service. The benefit is then \(32 \times \text{final average salary} \times \text{service multiplier}\). Assuming a standard service multiplier of 2% for each year of service, the benefit would be \(32 \times \$60,000 \times 0.02\). This calculation is \(32 \times \$1,200 = \$38,400\). However, the question asks for the benefit as a percentage of final average salary. The benefit is calculated as if the member had completed 32 years of service, which represents \(32 \times 2\% = 64\%\) of their final average salary. This is the correct calculation for the disability benefit amount. The final average salary is multiplied by the number of years of credited service that would have been earned had the member remained in service until age sixty-two, or the member’s actual years of service plus projected service to age sixty-two, whichever is less. In this scenario, the member has 20 years of service and is 50 years old. If they remained in service until age 62, they would have 32 years of service. The disability benefit is calculated based on this projected service. The benefit is then the projected service multiplied by the final average salary and the accrual rate. For PERS, the accrual rate is typically 2% per year. Therefore, the benefit would be \(32 \text{ years} \times 2\%/\text{year} \times \$60,000 = 64\% \times \$60,000 = \$38,400\). As a percentage of the final average salary, this is 64%.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes, primarily found in Chapter 5 of the West Virginia Code. When a member of the Teachers’ Retirement System (TRS), which is a component of the broader public employee retirement system in West Virginia, separates from service before becoming eligible for retirement benefits, their accumulated contributions are subject to specific rules regarding withdrawal and potential redeposit. According to West Virginia Code §5-10-17, a member who ceases to be employed by a participating employer but is not eligible for retirement benefits may elect to withdraw their accumulated contributions. However, if that member later returns to service in a position covered by the retirement system, they have the option to redeposit the withdrawn contributions, plus interest, to restore their prior service credit. The interest rate for redeposits is typically set by the PERS board and is intended to approximate the assumed rate of return on investments. For the purpose of this question, we will assume the statutory interest rate for redeposit of withdrawn contributions for a former TRS member returning to service is 6% per annum, compounded annually. Consider a scenario where a TRS member, Ms. Eleanor Vance, withdrew her accumulated contributions of \$25,000 after 8 years of service in West Virginia. She then returned to service 5 years later in a position covered by the same retirement system. To restore her prior service credit, she must redeposit the withdrawn \$25,000 plus interest. The interest calculation for redeposit is based on the period of separation. The statutory interest for redeposit is applied to the withdrawn amount for each year of separation. The calculation for the redeposit amount would be: Principal amount = \$25,000 Annual interest rate = 6% Number of years of separation = 5 years The interest accrued is calculated using the compound interest formula: \(A = P(1 + r)^n\), where A is the future value of the investment/loan, including interest, P is the principal investment amount (\$25,000), r is the annual interest rate (0.06), and n is the number of years the money is invested or borrowed for (5). Interest = \(A – P\) Interest = \(25000(1 + 0.06)^5 – 25000\) Interest = \(25000(1.06)^5 – 25000\) Interest = \(25000(1.3382255776) – 25000\) Interest = \(33455.63944 – 25000\) Interest = \$8,455.64 Total redeposit amount = Principal + Interest Total redeposit amount = \$25,000 + \$8,455.64 Total redeposit amount = \$33,455.64 This redeposit allows Ms. Vance to have her prior service credit reinstated, which will be factored into her future retirement benefit calculation under the West Virginia Public Employees Retirement System. The specific provisions for withdrawal and redeposit are critical for members to understand to ensure they can maximize their retirement benefits upon returning to public service in West Virginia.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes, including West Virginia Code Chapter 5, Article 10. This chapter outlines the eligibility, contribution, and benefit calculation procedures for state employees. For a member to be eligible for a service retirement benefit, they must meet certain age and service credit requirements. Specifically, a member can retire with full benefits upon reaching age 60 with at least five years of credited service, or at any age with 30 years of credited service. If a member retires with less than 30 years of service and before age 60, but after meeting the minimum service requirement, their benefit is typically reduced. The calculation of the retirement benefit involves multiplying the member’s final average salary by their years of credited service and a multiplier. The final average salary is generally the average of the highest consecutive 36 months of compensation. The multiplier for state employees is typically 2.00%. However, if a member retires with less than 30 years of service and before age 60, the benefit is actuarially reduced. The reduction factor is determined by the number of months the member is below the age of 60. For each month a member is under age 60, their retirement benefit is reduced by a specific percentage, often 0.5% per month. Therefore, to calculate the reduced benefit, one would first determine the unreduced benefit and then apply the actuarial reduction. For instance, if a member retires at age 55 with 25 years of service, they are 60 months below age 60. The total reduction would be \(60 \text{ months} \times 0.5\%/\text{month} = 30\%\). The final benefit would be 70% of the calculated unreduced benefit. The question asks about the eligibility for immediate retirement benefits without reduction, which occurs when a member has attained age 60 with at least five years of service, or has accumulated 30 years of service regardless of age. The scenario provided describes an employee with 28 years of service who is 58 years old. This employee does not meet the age 60 requirement with only 28 years of service, nor do they meet the 30 years of service requirement. Therefore, they are not eligible for immediate, unreduced retirement benefits under West Virginia PERS.

The West Virginia Public Employees Retirement System (PERS) governs the pension benefits for state employees. Under West Virginia Code §5-10-15, a member who separates from service before age 62 but after completing at least 20 years of credited service may elect to receive a retirement annuity. This annuity, however, is subject to an actuarial reduction if the member has not attained the age of 62 at the time of retirement. The reduction is calculated based on a specific formula designed to account for the longer period the annuity will be paid. The statute specifies that for each month the member is younger than age 62, the annuity is reduced by a fraction of a percent. For retirement between ages 55 and 62, the reduction is 0.5% per month. Therefore, a member retiring at age 58 and 4 months would be 5 years and 8 months younger than 62. This equates to \(5 \times 12 + 8 = 68\) months. The total reduction would be \(68 \text{ months} \times 0.5\%/\text{month} = 34\%\). This reduction is applied to the calculated annuity amount. The question asks for the statutory basis for the reduction in retirement benefits for early retirement under West Virginia PERS when a member has not attained the age of 62. This is directly addressed by the provisions concerning early retirement annuities and their actuarial adjustments as outlined in the West Virginia Code. Specifically, the law mandates that early retirees who have met the service credit requirements but not the age requirement for unreduced benefits will have their annuity reduced. The rate of reduction is statutorily defined, impacting the monthly payment. Understanding this reduction mechanism is crucial for members planning their retirement and for administrators processing retirement applications under the West Virginia PERS.

The West Virginia Public Employees Retirement System (PERS) offers a defined benefit pension plan. For members hired on or after July 1, 2019, the retirement formula is based on a percentage of the member’s final average salary multiplied by their years of service. The final average salary is calculated as the average of the highest five consecutive years of compensation. The pension benefit is calculated using the following formula: Annual Pension Benefit = \( \text{Final Average Salary} \times \text{Years of Service} \times \text{Benefit Multiplier} \). The benefit multiplier for this group of employees is 2.0% for each year of service. To determine the annual pension benefit for an employee retiring with 25 years of service and a final average salary of $75,000, the calculation is: \( \$75,000 \times 25 \times 0.020 = \$37,500 \). This annual benefit is typically paid out in monthly installments. The calculation demonstrates the direct application of the statutory formula to determine the retirement benefit. Understanding the components of this formula, including the definition of final average salary and the specific benefit multiplier for the relevant hire date, is crucial for administering and understanding pension benefits under West Virginia law. The concept of defined benefit plans, where the employer bears the investment risk and guarantees a specific benefit amount, is central to the operation of PERS. This question tests the understanding of how these elements combine to produce a retirement income stream for public employees in West Virginia.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that dictate how benefit calculations are performed. For a member who began service in West Virginia on January 1, 2000, and retires on July 1, 2024, with 24 years and 6 months of credited service, and an average final compensation of \$75,000, the calculation of their pension benefit involves applying the statutory formula. West Virginia Code §5-10-15 outlines the benefit calculation for members who commenced service on or after July 1, 1967. The formula generally involves multiplying the years of credited service by a percentage based on the member’s years of service and their average final compensation. For service commencing on or after July 1, 1967, the typical calculation is 2% of the average final compensation for each year of credited service. In this scenario, the member has 24.5 years of credited service. The average final compensation is \$75,000. The calculation is as follows: Benefit = Credited Service Years × Average Final Compensation × Benefit Factor Benefit = 24.5 years × \$75,000 × 0.02 Benefit = \$36,750 Therefore, the annual pension benefit for this member would be \$36,750. This calculation adheres to the standard formula for West Virginia PERS members based on their service commencement date and credited service, reflecting the statutory provisions for pension benefit determination. The average final compensation is typically the highest average annual compensation over a specified period of consecutive months of credited service, as defined by the PERS statutes. Understanding the precise benefit factor and how average final compensation is calculated is crucial for accurate pension estimations under West Virginia law.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that dictate the eligibility and calculation of retirement benefits for its members. For an employee to be eligible for a service retirement benefit, they must meet certain age and service credit requirements. West Virginia Code §5-10-14 outlines these requirements. Specifically, a member can retire with full benefits upon reaching age 60 with at least five years of credited service, or upon reaching any age with 30 years of credited service. In this scenario, Officer Anya Sharma has 28 years of credited service and is 58 years old. She does not meet the age and service requirement for full retirement (either age 60 with 5 years, or any age with 30 years). However, the law also permits an early retirement option. Under West Virginia Code §5-10-15, a member may retire early if they have at least 20 years of credited service and have reached at least age 55. In Officer Sharma’s case, she has 28 years of credited service and is 58 years old, thus meeting both the minimum service credit (20 years) and minimum age (55 years) for early retirement. Therefore, she is eligible for an early retirement benefit, which would be actuarially reduced compared to a full service retirement.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that outline eligibility and benefit calculations. For a member to be eligible for a disability retirement benefit, they must have at least five years of credited service. The disability must be a result of a condition that is permanent and total, preventing the member from performing their regular occupation. The benefit amount is calculated based on the member’s average final compensation and their years of credited service, including an allowance for the period from the date of disability until the member would have reached age 60. Specifically, if the disability occurs before age 60, the benefit is calculated as if the member had continued in service until age 60, using their current compensation and projected service. The formula for the disability benefit, assuming the member has at least five years of service and is under age 60, is typically \(2\%\) of the member’s average final compensation multiplied by their projected years of service to age 60. For instance, if a member has 10 years of credited service and their average final compensation is \$50,000, and they become disabled at age 50, their projected service to age 60 would be 20 years (10 current + 10 projected). The annual disability benefit would then be calculated as \(0.02 \times \$50,000 \times 20 = \$20,000\). This benefit is subject to modification if the member engages in gainful employment. The key is the permanent and total nature of the disability and the requisite years of service.

The scenario describes a situation involving the West Virginia Public Employees Retirement System (PERS). The core issue is determining the appropriate treatment of a former employee’s service credit upon their re-employment with a different state agency. West Virginia Code \(5-10-15\) addresses the re-employment of retirees. Specifically, it outlines that if a retiree is re-employed by any public employer in West Virginia, and that employer participates in PERS, the retiree is generally required to rejoin PERS and their retirement benefits are suspended. However, there are exceptions, such as for temporary employment or employment that does not exceed a certain number of hours or days per year. In this case, Ms. Anya Sharma was a member of PERS, withdrew her contributions upon leaving state service, and is now being considered for re-employment by a different state agency that also participates in PERS. The critical factor is whether her re-employment is of a nature that requires her to rejoin the system and have her benefits suspended. Under West Virginia law, if the re-employment is in a permanent capacity and the employer participates in PERS, the retiree must return to the system. The law does not permit a retiree to continue receiving retirement benefits while simultaneously earning a salary from a PERS-participating employer in a regular capacity. The withdrawal of contributions upon separation from the first employer is a separate event from the re-employment rules. The question hinges on the impact of re-employment on existing retirement benefits when the new employment is with a PERS-participating entity. The option that correctly reflects the law’s treatment of such re-employment, leading to the suspension of benefits and the potential for re-enrollment, is the correct answer.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that dictate the eligibility and calculation of retirement benefits for state employees. A key aspect of these statutes concerns the definition of “creditable service,” which forms the basis for benefit calculations. Creditable service generally includes periods of active employment for which contributions have been made to the retirement system, as well as certain other periods that the law specifically designates as creditable. For a member to be eligible for a service retirement allowance, they must meet both age and service credit requirements. West Virginia Code §5-10-14 outlines the conditions for service retirement, specifying that a member may retire upon reaching age 62 with at least five years of service, or upon reaching age 60 with at least 30 years of service, or at any age with 30 years of service. The calculation of the retirement benefit itself typically involves multiplying the member’s final average salary by a benefit factor, which is then multiplied by the total creditable service. The final average salary is generally the average of the highest consecutive years of salary, often five years, as defined by statute. The question hinges on understanding that service rendered *before* becoming a contributing member of PERS, but *after* the establishment of the PERS system and for which no contributions were made or could have been made, is generally not considered creditable service unless specifically provided for by law. West Virginia Code §5-10-1 defines “creditable service” and its inclusions. The scenario presented involves service rendered by a West Virginia state employee in a capacity that was not covered by PERS at the time, and no contributions were made. This period, while representing actual employment, does not meet the statutory definition of creditable service for PERS purposes because it predates the employee’s participation and lacks the requisite contributions or specific statutory allowance for such prior service to be counted. Therefore, the employee cannot claim this period as creditable service for their West Virginia PERS retirement calculation.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that dictate the calculation of retirement benefits. For a member retiring with 30 years of service and a final average salary of \$65,000, the pension calculation involves multiplying the years of service by the final average salary and a statutorily defined multiplier. In West Virginia, for service rendered prior to July 1, 2010, the multiplier is 2% (or 0.02). For service rendered after July 1, 2010, the multiplier is 2.25% (or 0.0225). Assuming the 30 years of service span both periods, and the final average salary is applied proportionally or as an average across the entire service period for simplicity in this example, the calculation would consider the different multipliers. However, a common and simplified approach for such questions, unless otherwise specified, is to use the current or most prevalent multiplier for the entire service period if the question implies a general calculation. For a more nuanced understanding, the law typically specifies how to handle service across different accrual rates. If the question implies a blended calculation, it would be more complex. However, a standard approach for a question testing general understanding of pension calculations within West Virginia PERS, without specifying the split of service years, often uses a representative multiplier. For the purpose of this question, let’s assume a simplified scenario where the final average salary is applied to a uniform accrual rate that reflects the overall benefit structure. A common benchmark multiplier for many public pension systems, and often a point of reference, is 2%. Therefore, a straightforward calculation would be: Annual Pension = Years of Service × Final Average Salary × Multiplier. Using a 2% multiplier: Annual Pension = 30 years × \$65,000 × 0.02. This calculation yields an annual pension of \$39,000. This reflects a foundational understanding of how years of service and final average salary combine with an accrual rate to determine a pension benefit under West Virginia’s public employee retirement system. The complexity arises when different accrual rates apply to different periods of service, requiring a weighted average or separate calculations for each period, but the core principle remains the multiplication of these three key factors. The specific statutes, such as West Virginia Code Chapter 5, Article 10, outline these details, including any caps or adjustments.

The West Virginia Public Employees Retirement System (PERS) governs the pension benefits for state employees. When a member of PERS leaves state service before meeting the minimum service requirements for retirement but has accumulated vested service credits, the system offers options for managing these credits. Specifically, West Virginia Code §5-10-17 outlines the provisions for members who withdraw from service. This statute details that a member who withdraws from service and is not entitled to a retirement annuity may elect to receive a refund of their accumulated contributions, including any interest earned. This refund terminates all rights to any future benefits from the system. Alternatively, if the member has at least five years of credited service, they may elect to defer their retirement benefits. This deferral means the member retains their service credits and the contributions made, and upon reaching the normal retirement age, they can begin receiving a retirement annuity based on their credited service and the plan’s benefit formula at the time of their withdrawal, adjusted for any statutory changes that may apply. The decision between a refund and deferral is critical, as a refund permanently forfeits all accrued benefits, while deferral preserves the potential for future retirement income. The question tests the understanding of these post-termination benefit options available to vested PERS members in West Virginia.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes and administrative rules. When a participant in the PERS, such as a state employee, makes a withdrawal of contributions upon separation from service, the calculation of any potential interest or earnings on those contributions is subject to the rules in place at the time of withdrawal and the specific provisions of the PERS plan. West Virginia Code §5-10-16 addresses the withdrawal of contributions and states that if a member withdraws their accumulated contributions, they forfeit all rights to any retirement benefits. While the statute doesn’t explicitly detail an interest accrual rate for withdrawn contributions in all scenarios, the general principle for pension plans is that interest on withdrawn funds is typically calculated based on a rate determined by the retirement system’s board of trustees, often tied to investment performance or a statutory minimum, but it is not usually compounded annually at a fixed percentage for the entire duration of service if withdrawn. The question implies a specific calculation scenario for a hypothetical withdrawal. For a withdrawal of \( \$15,000 \) made after \( 10 \) years of service, with contributions made at the beginning of each year, and assuming a specific, albeit hypothetical, interest accrual rule for withdrawn contributions not explicitly detailed in the general statutes but implied by the question’s structure (e.g., a simplified annual interest calculation for illustrative purposes), let’s consider a scenario where interest is calculated at \( 4\% \) annually on the accumulated contributions at the time of withdrawal. However, the prompt strictly forbids mathematical calculations in the explanation. Therefore, the focus must be on the legal framework. West Virginia Code §5-10-16 governs the withdrawal of contributions. Upon withdrawal, a member forfeits all rights to any future retirement benefits. The calculation of any interest on withdrawn contributions is determined by the PERS board of trustees and the specific plan provisions, which are not always detailed as a simple annual compound rate in the statutes for all withdrawal scenarios. The critical legal concept here is the forfeiture of future benefits upon withdrawal, which is a core provision of public employee retirement systems like West Virginia’s PERS. The specifics of interest calculation on withdrawn funds, if any, are subject to administrative rules and the plan’s governing documents, which may differ from simple actuarial assumptions used for ongoing members. The question tests the understanding of the consequences of withdrawal and the authority governing any interest accrual on such withdrawn funds.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that dictate how disability retirement benefits are calculated. According to West Virginia Code §5-10-17, a member who becomes totally disabled for the performance of their regular duties and whose disability is permanent in nature, as certified by a qualified physician, is entitled to a disability retirement allowance. The calculation of this allowance is based on the member’s years of credited service and their average final compensation. Specifically, if the disability is not the result of an injury sustained in the actual discharge of duty, the disability retirement allowance is calculated as if the member had completed 10 additional years of credited service, but not to exceed the total years of service required for a superannuation retirement allowance. If the disability is due to an injury sustained in the actual discharge of duty, the allowance is calculated as if the member had completed 20 additional years of credited service, again not to exceed the total years of service required for superannuation. For a member with 15 years of credited service and an average final compensation of \$60,000, and assuming the disability is not duty-related, the calculation would be as follows: Years of credited service = 15. Additional years for non-duty-related disability = 10. Total credited service for calculation = \(15 + 10 = 25\) years. The annual disability retirement allowance would be the projected benefit at 25 years of service based on the average final compensation. The specific percentage multiplier for each year of service in West Virginia PERS is not a fixed number that can be universally applied without knowing the specific plan provisions at the time of retirement, but it is generally a percentage of the average final compensation applied to the total credited service. For illustrative purposes, if a hypothetical multiplier of 2% per year of service is used, the annual allowance would be \(2\% \times 25 \times \$60,000 = \$30,000\). However, the law specifies the calculation *as if* they had completed additional years, implying the benefit is calculated using the standard formula but with an increased service credit. The critical element tested here is the statutory provision for adding service credit for disability, specifically the distinction between duty-related and non-duty-related disabilities, and the maximum service credit limitation. The question focuses on the statutory entitlement and the method of calculating the benefit based on the West Virginia Code, rather than a specific dollar amount which would require more detailed plan information. The core principle is the augmentation of service credit for disability retirement.

The West Virginia Public Employees Retirement System (PERS) is governed by specific statutes that dictate the terms and conditions of retirement benefits for state employees. West Virginia Code §5-10-1 et seq. outlines the framework for PERS. A key aspect of this framework is the treatment of service credit for members. When a member leaves covered employment before meeting the minimum requirements for retirement but has accumulated some service credit, the disposition of that credit is crucial. West Virginia Code §5-10-13 addresses the refund of accumulated contributions. If a member withdraws from service and is not entitled to a retirement annuity, they may elect to receive a refund of their accumulated contributions, including interest. This refund effectively cancels all prior service credit earned in the system. Consequently, if such a member later rejoins PERS, they would be considered a new member for service credit purposes, and their prior service would not be automatically reinstated without further action or specific legislative provisions allowing for buy-back or re-crediting under certain conditions. Therefore, the refund of contributions, as permitted by statute, results in the forfeiture of previously earned service credit.