2005 West Virginia Code - §15-2-37. — Refunds to certain members upon discharge or resignation; deferred retirement.

§15-2-37. Refunds to certain members upon discharge or resignation; deferred retirement.

(a) Any member who is discharged by order of the superintendent or otherwise terminates employment with the department, at the written request of the member to the retirement board, is entitled to receive from the retirement fund a sum equal to the aggregate of the principal amount of moneys deducted from his or her salary and paid into the State Police Death, Disability and Retirement Fund plus four percent interest compounded thereon calculated annually as provided and required by this article.
(b) Any member withdrawing contributions who may thereafter be reenlisted as a member of the department shall not receive any prior service credit on account of former service, unless following reenlistment the member redeposits in the fund established in article two-a of this chapter the amount of the refund, together with interest thereon at the rate of seven and one-half percent per annum from the date of withdrawal to the date of redeposit, in which case he or she shall receive the same credit on account of his or her former service as if no refund had been made. He or she shall become a member of the retirement system established in article two-a of this chapter.
(c) Every member who completes ten years of service with the department is eligible, upon separation of employment with the department, either to withdraw his or her contributions in accordance with subsection (a) of this section or to choose not to withdraw his or her accumulated contributions with interest. Upon attainment of age sixty-two, a member who chooses not to withdraw his or her contributions is eligible to receive a retirement annuity. Any member choosing to receive the deferred annuity under this subsection is not eligible to receive the annual annuity adjustment provided in section twenty-seven-a of this article. When the retirement board retires any member under any of the provisions of this section, the board shall, by order in writing, make an award directing that the member is entitled to receive annually and that there shall be paid to the member from the State Police Death, Disability and Retirement Fund in equal monthly installments during the lifetime of the member while in status of retirement one or the other of two amounts, whichever is greater:
(1) An amount equal to five and one-half percent of the aggregate of salary paid to the member during the whole period of service as a member of the department; or
(2) The sum of six thousand dollars.
The annuity shall be payable during the lifetime of the member. The retiring member may choose, in lieu of a life annuity, an annuity in reduced amount payable during the member's lifetime, with one half of the reduced monthly amount paid to his or her surviving spouse if any, for the spouse's remaining lifetime after the death of the member. Reduction of this monthly benefit amount shall be calculated to be of equal actuarial value to the life annuity the member could otherwise have chosen.