West Virginia Code
Article 10. West Virginia Public Employees Retirement Act
§5-10-24. Annuity Options

(a) Prior to the effective date of his or her retirement, but not thereafter except upon the death of a spouse, a member may elect to receive his or her annuity as a straight life annuity payable throughout his or her life, or he or she may elect to receive the actuarial equivalent, at the time, of his or her straight life annuity in a reduced annuity payable throughout his or her life, and nominate a beneficiary, in accordance with option A or B set forth below:
Option A - Joint and survivor annuity. Upon the death of a retirant who elected option A, his or her reduced annuity shall be continued throughout the life of and paid to the beneficiary, having an insurable interest in the retirants life, whom the retirant nominated by written designation duly executed and filed with the board of trustees prior to the effective date of his or her retirement; or
Option B - Modified joint and survivor annuity. Upon the death of a retirant who elected option B, one half of his or her reduced annuity shall be continued throughout the life of and paid to the beneficiary, having an insurable interest in the retirants life, whom the retirant nominated by written designation duly executed and filed with the board of trustees prior to the effective date of his or her retirement.
(b) Upon the death of a spouse, a retirant may elect any of the retirement options offered by the provisions of this section in an amount adjusted on a fair basis to be of equal actuarial value as the annuity prospectively in effect relative to the retirant at the time the new option is elected.
(c) Upon divorce, a retirant may elect to change any of the retirement benefit options offered by the provisions of this section to a life annuity in an amount adjusted on a fair basis to be of equal actuarial value of the annuity prospectively in effect relative to the retirant at the time the option is elected: Provided, That the retirant furnishes to the board satisfactory proof of entry of a final decree of divorce or annulment: Provided, however, That the retirant certifies under penalty of perjury that no qualified domestic relations order, final decree of divorce, or other court order that would restrict the election is in effect: Provided further, That no cause of action against the board may then arise or be maintained on the basis of having permitted the retirant to name a new spouse as annuitant for any of the survivorship retirement benefit options.
(d) Upon remarriage, a retirant may name the new spouse as an annuitant for any of the retirement benefit options offered by the provisions of this section: Provided, That the retirant shall furnish to the board proof of marriage: Provided, however, That the retirant certifies under penalty of perjury that no qualified domestic relations order, final decree of divorce or other court order that would restrict the designation is in effect: Provided further, That no cause of action against the board may then arise or be maintained on the basis of having permitted the retirant to name a new spouse as annuitant for any of the survivorship retirement benefit options. The value of the new survivorship annuity shall be the actuarial equivalent of the retirants benefit prospectively in effect at the time the new annuity is elected.
(e) In the event a retirant has named a beneficiary pursuant to subsection (a) of this section, such retirant may change such beneficiary designation from the named beneficiary to an irrevocable special needs trust, as that term is defined in 5-10-2 of this code, if the irrevocable special needs trust is for the benefit of the same beneficiary. No further annuity payments shall be payable or paid from and after the later of the death of the retirant or the death of the beneficiary of the irrevocable special needs trust.

Structure West Virginia Code

West Virginia Code

Chapter 5. General Powers and Authority of the Governor, Secretary of State and Attorney General; Board of Public Works; Miscellaneous Agencies, Commissions, Offices, Programs, etc.

Article 10. West Virginia Public Employees Retirement Act

§5-10-1. Short Title

§5-10-2. Definitions

§5-10-3. Retirement System Created and Established; Body Corporate

§5-10-3a. Article to Be Liberally Construed; Supplements Federal Social Security; Federal Qualification Requirements

§5-10-4. Effective Date of System

§5-10-5. Board of Trustees Created; Powers and Duties Generally; Composition

§5-10-6. Trustees' Terms of Office

§5-10-7. Vacancies on Board

§5-10-8. Trustees' Compensation and Expenses

§5-10-9. Chairman and Vice Chairman; Executive Secretary; Employees; Treasurer; Legal Advisor; Actuary

§5-10-10. Board Meetings; Quorum; Vote; Proceedings

§5-10-11. Reports Required of Board

§5-10-12. Officer and Employee Bonds

§5-10-13. Actuarial Investigations and Valuations; Specification of Actuarial Assumptions

§5-10-14. Service Credit; Retroactive Provisions

§5-10-15. Military Service Credit; Qualified Military Service

§5-10-15a. Retirement Credited Service Through Member's Use, as Option, of Accrued Annual or Sick Leave Days

§5-10-15b. Credit for Public Employment in Another State

§5-10-15c. Military Service Credit for Members of the West Virginia National Guard

§5-10-16. When and How Political Subdivision Becomes Participating Public Employer

§5-10-17. Retirement System Membership

§5-10-18. Termination of Membership; Reentry

§5-10-19. Employers to File Information as to Employees Service

§5-10-20. Voluntary Retirement

§5-10-21. Deferred Retirement and Early Retirement

§5-10-21a. Deferred Retirement and Early Retirement for New Members as of July 1, 2015

§5-10-22. Retirement Annuity

§5-10-22a. Supplemental Benefits for Certain Annuitants

§5-10-22b. Supplemental Benefits for Certain Annuitants

§5-10-22c. Temporary Early Retirement Incentives Program; Legislative Declaration and Finding of Compelling State Interest and Public Purpose; Specifying Eligible and Ineligible Members for Incentives Program; Options, Conditions, and Exceptions; Cer...

§5-10-22d. Supplemental Benefits for Certain Annuitants

§5-10-22e. Supplemental Benefits for Retirees Effective July 1, 1994; Calculation of Benefits and Conditions of Payment

§5-10-22f. Minimum Benefit for Certain Retirants; Legislative Declaration; State Interest and Public Purpose

§5-10-22g. One-Time Supplement for Certain Annuitants Effective July 1, 2001

§5-10-22h. Limitations on Benefit Increases

§5-10-22i. One-Time Supplement for Certain Annuitants Effective July 1, 2006

§5-10-22j. One-Time Bonus Payment for Certain Annuitants Effective July 1, 2008

§5-10-22k. One-Time Bonus Payment for Certain Annuitants Effective July 1, 2011

§5-10-22l. Minimum Benefit for Certain Retirants

§5-10-23. Terminal Payment Following Retirement

§5-10-24. Annuity Options

§5-10-25. Disability Retirement

§5-10-26. Reexamination of Disability Retirants; Reemployment; Adjustment of Annuity for Earnings

§5-10-27. Preretirement Death Annuities

§5-10-27a. Federal Law Maximum Benefit Limitations

§5-10-27b. Federal Law Minimum Required Distributions

§5-10-27c. Direct Rollovers

§5-10-27d. Rollovers and Transfers to Purchase Service Credit Or

§5-10-28. Unified Accounting; Funds

§5-10-29. Members' Deposit Fund; Members' Contributions; Forfeitures

§5-10-30. Refund of Accumulated Contributions

§5-10-31. Employers Accumulation Fund; Employers Contributions

§5-10-31a. Retroactive Contributions to the Retirement System for Retroactive Service Credit Granted; One Year Period for Application

§5-10-32. Appropriations for State Contributions to Retirement System; Contributions for Members Paid From Special Funds or by Other Employers

§5-10-33. Contributions by Other Participating Public Employers; Withholding State Money to Satisfy Delinquencies

§5-10-34. Transfers to Retirement Reserve Fund

§5-10-35. Retirement Reserve Fund Created; Transfers From Fund on Reemployment

§5-10-36. Income Fund

§5-10-38. Investment of Moneys; Bonds of State Departments and Institutions to Be Offered First to Board of Public Works

§5-10-39. No Trustee, etc., Shall Gain From Investments of System

§5-10-40. Restricted Use of Retirement System Moneys

§5-10-41. Allowance of Regular Interest on Balances in Funds

§5-10-42. Fiscal or Plan Year of Retirement System

§5-10-43. Pro Rata Reduction of Annuities

§5-10-44. Correction of Errors; Underpayments; Overpayments

§5-10-45. Fraud; Penalty

§5-10-46. Right to Benefits Not Subject to Execution, etc.; Assignments Prohibited; Deductions for Group Insurance; Setoffs for Fraud; Exception for Certain Domestic Relations Orders

§5-10-47. Benefits Exempt From Taxes

§5-10-48. Reemployment After Retirement; Options for Holder of Elected Public Office

§5-10-49. Removal From Office

§5-10-50. Severability

§5-10-51. Withdrawal

§5-10-52. Specific Provisions Relating to Certain Members of the Legislature and Certain Service by Members of the Legislature

§5-10-53. Joint Study of State Retirement Systems; Report to Joint Committee on Government and Finance by Specified Date of Study Conclusions

§5-10-54. Termination of Benefits; Procedure

§5-10-55. Benefits Not to Be Forfeited if System Terminates