§ 411.10 — Purchase of service credit for military service

Iowa § 411.10

• Jurisdiction: Iowa
• Title IX: LOCAL GOVERNMENT
• Ch. 411: RETIREMENT SYSTEM FOR POLICE OFFICERS AND FIRE FIGHTERS

Text

1. An active member of the system who has been a member of the retirement system five
or more years may elect to purchase up to five years of service credit for military service,
other than military service required to be recognized under Internal Revenue Code §414(u)
or under the federal Uniformed Services Employment and Reemployment Rights Act, that
will be recognized by the retirement system for purposes of calculating a member’s benefit,
pursuant to Internal Revenue Code §415(n) and the requirements of this section.
2. a. A member seeking to purchase service credit pursuant to this section shall file a
written application with the system requesting an actuarial determination of the cost of a
purchase of service credit. Upon receipt of the cost estimate for the purchase of service from
the system, the member may make contributions to the system in an amount equal to the
actuarial cost of the service credit purchase.
b. For purposes of this subsection, the actuarial cost of the service credit purchase is
an amount determined by the system in accordance with actuarial tables, as reported to
the system by the system’s actuary, which reflects the actuarial cost necessary to fund an
increased retirement allowance resulting from the purchase of service credit.
3. The system shall ensure that the member, in exercising an option provided in this
section, does not exceed the amount of annual additions to a member’s account permitted
pursuant to §415 of the federal Internal Revenue Code.
4. The board of trustees shall adopt rules providing for the implementation and
administration of this section.