§ 411.31 — Optional transfers with chapter 97A

Iowa § 411.31

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

Text

1. For purposes of this section, unless the context otherwise requires:
a. “Average accrued benefit” means the average of the amounts representing the present
value of the accrued benefit earned by the member determined by the former system and the
presentvalueoftheaccruedbenefitearnedbythememberdeterminedbythecurrentsystem.
b. “Current system” means the eligible retirement system in which a person has
commenced employment covered by the system after having terminated employment
covered by the former system.
c. “Eligible retirement system” means the system created under this chapter and the
Iowa department of public safety peace officers’ retirement, accident, and disability system
established in chapter 97A.
d. “Formersystem”meanstheeligibleretirementsysteminwhichapersonhasterminated
employment covered by the system prior to commencing employment covered by the current
system.
e. “Refundliability”meanstheamountthemembermayelecttowithdrawfromtheformer
system under section 97A.16.
2. Commencing July 1, 1996, a vested member of an eligible retirement system who
terminates employment covered by one eligible retirement system and, within one year,
commences employment covered by the other eligible retirement system may elect to
transfer the greater of the average accrued benefit or refund liability earned from the former
system to the current system. The member shall file an application with the current system
for transfer of the greater of the average accrued benefit or refund liability within ninety
days of the commencement of employment with the current system.
3. Notwithstanding subsection 2, a vested member whose employment with the current
system commenced prior to July 1, 1996, may elect to transfer the average accrued benefit
earnedundertheformersystemtothecurrentsystembyfilinganapplicationwiththecurrent
system for transfer of the average accrued benefit on or before July 1, 1997.
4. Upon receipt of an application for transfer as provided in this section, the current
system shall calculate the average accrued benefit and the refund liability and the former
system shall transfer to the current system assets in an amount equal to the greater of the
average accrued benefit or refund liability. Once the transfer is completed, the member’s
service under the former system shall be treated as membership service under the current
system for purposes of this chapter and chapter 97A.