contributions.
1.Members who became vested and terminated service prior to July 1, 1979, and
members receiving an annuity from accumulated contributions made prior to July 1, 1979,
shall continue to receive the benefits the member was entitled to under the provisions of this
chapter, as it was effective on the date of the member’s retirement or vested termination.
2.For the purposes of this section:
a.“Accumulated contributions” means the sum of all amounts deducted from the
compensation of a member and credited to the member’s individual account in the
annuity savings fund together with regular interest thereon as provided in this subsection.
Accumulated contributions do not include any amount deducted from the compensation of
a member and credited to the pension accumulation fund.
b.
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contributions.
1. Members who became vested and terminated service prior to July 1, 1979, and
members receiving an annuity from accumulated contributions made prior to July 1, 1979,
shall continue to receive the benefits the member was entitled to under the provisions of this
chapter, as it was effective on the date of the member’s retirement or vested termination.
2. For the purposes of this section:
a. “Accumulated contributions” means the sum of all amounts deducted from the
compensation of a member and credited to the member’s individual account in the
annuity savings fund together with regular interest thereon as provided in this subsection.
Accumulated contributions do not include any amount deducted from the compensation of
a member and credited to the pension accumulation fund.
b. “Annuity” means annual payments for life derived from the accumulated contributions
of a member. All annuities shall be payable in monthly installments.
c. “Annuityreserve”shallmeanthepresentvalueofallpaymentstobemadeonaccountof
an annuity, or benefit in lieu of an annuity, granted under the provisions of this chapter, upon
the basis of such mortality tables as shall be adopted by the respective boards of trustees, and
regular interest.
d. “Annuity savings fund” means the account maintained by the respective board of
trustees in which the accumulated contributions of the members were deposited prior to
July 1, 1979, to provide for their annuities.
e. “Annuity reserve fund” means the account maintained by the respective boards of
trustees from which shall be paid all annuities and all benefits in lieu of annuities payable as
provided in this chapter as this chapter was effective on June 30, 1979.
f. “Regular interest” means interest at the rate of four percent per annum, compounded
annually and credited to the member’s account as of the date of the member’s retirement or
termination from employment.
g. “Member who became vested” and “vested member” mean a member who has been a
member of the retirement system four or more years and is entitled to benefits under this
chapter.
3. BeginningJuly1,1979,therespectiveboardsoftrusteesshallmaintainandinvestfunds
in the annuity reserve fund and the annuity savings fund contributed by members prior to
July 1, 1979. Members receiving an annuity as a portion of their retirement or disability
benefitsonJune30,1979,shallcontinuetoreceivesuchannuityfromtheannuityreservefund
maintained by the respective board of trustees. Members receiving an annuity, if reemployed
under service covered by this chapter, shall cease to receive retirement benefits.
4. The accumulated contributions of a member withdrawn by the member or paid to the
member’s estate or designated beneficiary in the event of the member’s death shall be paid
from the annuity savings fund account. Upon the retirement of a member, the member’s
accumulated contributions shall be transferred from the annuity savings fund to the annuity
reserve fund.
5. A member of the retirement system prior to July 1, 1979, with fifteen or more years
of service whose employment was terminated prior to retirement, other than by death or
disability, is entitled to receipt of the member’s accumulated contributions upon retirement
together with other retirement benefits provided in the law on the date of the member’s
retirement.
6. AnymemberinservicepriortoJuly1, 1979, mayatthetimeofthemember’sretirement
withdraw the member’s accumulated contributions made before July 1, 1979, or receive an
annuity which shall be the actuarial equivalent of the member’s accumulated contributions
at the time of the member’s retirement.
7. a. Notwithstanding subsections 1, 3, 4, 5, and 6 of this section, beginning January
1, 1981, an active or vested member may request in writing and receive from the board of
trustees, the member’s accumulated contributions from the annuity savings fund and remain
eligibletoreceivebenefitsundersection411.6. However, amemberwithfifteenormoreyears
of service prior to July 1, 1979, is not eligible for a service retirement allowance under section
411.6 if the member withdrew the member’s accumulated contributions from the annuity
savings fund after July 1, 1972, but prior to July 1, 1979, except as provided in section 411.4.
Accumulated contributions shall be paid according to the following schedule:
(1) During the period beginning January 1, 1981, and ending December 31, 1982, any
member who has completed twenty or more years of service.
(2) During the period beginning January 1, 1983, and ending December 31, 1984, any
member who has completed fifteen or more years of service.
(3) During the period beginning January 1, 1985, and ending December 31, 1986, any
member who has completed ten or more years of service.
(4) During the period beginning January 1, 1987, and ending December 31, 1988, any
member who has completed five or more years of service.
b. The board may return accumulated contributions from the annuity savings fund to an
activeorvestedmemberpriortothedateslistedinthescheduleestablishedinthissubsection,
except that the board shall not liquidate securities at a loss for the sole purpose of returning
the accumulated contributions to the members at an earlier date.
8. The actuary shall annually determine the amount required in the annuity reserve fund.
If the amount required is less than the amount in the annuity reserve fund, the respective
board of trustees shall transfer the excess funds from the annuity reserve fund to the pension
accumulation fund. If the amount required is more than the amount in the annuity reserve
fund, the respective board of trustees shall transfer the amount prescribed by the actuary to
the annuity reserve fund from the pension accumulation fund.