W. Va. Code R. § 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.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.