§ 411.6A — Optional retirement benefits

Iowa § 411.6A

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

Text

1. Inlieuofthepaymentofaserviceretirementallowanceundersection411.6, subsection
2, and the payment of a pension to the spouse of a deceased pensioned member under section
411.6, subsection 11, a member may select an option provided under this section. The board
of trustees shall adopt rules under section 411.5, subsection 3, providing the optional forms
of payment that may be selected by the member. The optional forms of payment may provide
adjustments to the amount of the retirement allowance paid to the member, may alter the
pensionamountandperiodofpaymenttothemember’sspouseafterthedeathofthemember,
and may provide for payments to a designated recipient other than the member’s spouse for
a designated period of time or an unlimited period of time.
2. Priortothemember’sretirementandasapartoftheapplicationforaserviceretirement
allowance,themembershallelect,inwriting,eitherthebenefitsprovidedundersection411.6,
subsections 2 and 11, or one of the optional forms adopted by the board of trustees. If the
member is married at the time of application and the member elects an optional form, the
member’s spouse must consent in writing to the optional form selected and to the receipt of
payments to a designated recipient, if applicable. Upon acceptance by a member of an initial
retirement benefit paid in accordance with the election under this section, the election of the
member is irrevocable.
3. The optional forms of payment determined by the board of trustees under this section,
shall be the actuarial equivalent of the amount of retirement benefits payable to the member
and the member’s spouse pursuant to section 411.6, subsections 2 and 11. The actuarial
equivalent shall be based upon the actuarial assumptions adopted for this purpose pursuant
to section 411.5. Election of an optional form adopted by the board of trustees shall not
affect the benefits, if any, payable to the member’s child or children pursuant to section 411.6,
subsection 11.
4. Optional benefits shall be adjusted annually in a manner consistent with that provided
in section 411.6, subsection 12. However, if the member has selected a designated recipient
otherthanthemember’sspouse,thedesignatedrecipientshallbedeemedtobethemember’s
survivingspouseforthepurposeofcalculatingtheannualadjustmentinthemannerprovided
in section 411.6, subsection 12.