§18-7C-7 Service credit in State Teachers Retirement System following merger; adjustments. - West Virginia Statutes

§18-7C-7. Service credit in State Teachers Retirement System following merger; adjustments.
(a) Any member transferring all of his or her assets from the Defined Contribution Retirement System to the State Teachers Retirement System pursuant to the provisions of this article and who has not made any withdrawals or cash-outs from his or her assets is entitled to service credit in the State Teachers Retirement System for each year or part of a year, as governed by the provisions of article seven-a of this chapter, the member worked and contributed to the Defined Contribution Retirement System.

(b) Any member who has made withdrawals or cash outs will receive service credit based upon the amounts transferred. The board shall make the appropriate adjustment to the service credit the member will receive.

(c) Any member's Defined Contribution Retirement System service credit will be reduced by twenty-five percent if the member does not pay the one and one-half percent contribution required by this article upon transfer to the State Teachers Retirement System.