CONVERSION OF UNUSED SICK/ANNUAL LEAVE FOR PEIA PREMIUM CREDIT
To outline the procedure for conversion of unused leave to PEIA premium credit.
AUTHORITY: WV State Code 5-16-12, 5-16-13 (c,d,f), 5-16-16.
Full-time regular employees, participating in the WV Public Employees Insurance Plan, who retire from WVU and meet minimum retirement eligibility guidelines of the West Virginia State Teachers’ Retirement System.
An active employee who retires and meets the minimum eligibility requirements of the State Teachers Retirement System (any age with thirty years of service or age sixty and five years of service.)
An active employee who elected to participate in the PEIA plan prior to July 1, 1988, who retires can receive credit towards his/her health and/or life insurance benefits.
Formula Calculation: 2 days = 1 month life insurance, 2 days = 1 month single plan coverage, 3 days = 1 month family plan coverage. Partial months are not acceptable.
An active employee who elected to participate in the PEIA plan on or after July 1, 1988, who retires can receive credit toward his/her health and/or life insurance benefits.
Formula Calculation: 2 days + 50% premium for 1 month life insurance coverage, 2 days + 50% premium for 1 month family plan coverage. Fifty percent of the premium for each month’s coverage must be paid by the policy holder.
A participating employee with a minimum of five years vested service, who leaves state employment after November 1, 1988, but does not immediately become a member of a state retirement system, is not entitled to apply unpaid accrued sick and annual leave toward extension of coverage.
Full-time faculty members employed on an annual contract basis other than twelve months, and retires, is eligible to receive credit toward health and/or life insurance based on years of teaching service.
Formula Calculation: 3 1/3 years teaching service = 1 year single plan coverage, 5 years teaching service = 1 year family plan service.
Additional information or questions regarding this policy can be obtained by contacting the Benefits Unit in the Division of Human Resources at 293-5700×4.
EFFECTIVE DATE: August 1, 1999