Text: SF02042 Text: SF02044 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 97A.18 TRANSFER OF SERVICE FROM
1 2 OTHER IOWA PUBLIC RETIREMENT SYSTEM.
1 3 1. A vested member who has one or more full calendar years
1 4 of earnable compensation who was in public employment
1 5 comparable to employment covered under this chapter in another
1 6 public retirement system in this state but who was not retired
1 7 under that system, upon submitting verification of membership
1 8 and service in the other public system to the department,
1 9 including proof that the member has no further claim upon a
1 10 retirement benefit from that other public system, may make
1 11 contributions as provided by this section to the system either
1 12 for the entire period of service in the other public system,
1 13 or for partial service in the other public system in
1 14 increments of one or more calendar quarters.
1 15 2. The contributions required to be made for purposes of
1 16 purchasing additional service shall be in an amount equal to
1 17 the actuarial cost of the service purchase. For purposes of
1 18 this subsection, the actuarial cost of the service purchase is
1 19 an amount determined by the department in accordance with
1 20 actuarial tables, as reported to the department by the
1 21 system's actuary, which reflects the actuarial cost necessary
1 22 to fund an increased retirement allowance resulting from the
1 23 purchase of additional service. The member may direct that
1 24 any entitlement to a refund of contributions made in the other
1 25 public system be transferred to this system for the purposes
1 26 of making the contribution required by this subsection.
1 27 3. A member entitled to a benefit from another public
1 28 system must waive, on a form provided by the system, all
1 29 rights to a retirement benefit under the other public system
1 30 before receiving credit in this system for the years of
1 31 service in the other public system. The waiver must be
1 32 accepted by the other public system.
1 33 4. However, the department shall ensure that the member,
1 34 in exercising an option provided in this section, does not
1 35 exceed the amount of annual additions to a member's account
2 1 permitted pursuant to section 415 of the federal Internal
2 2 Revenue Code.
2 3 Sec. 2. NEW SECTION. 411.32 TRANSFER OF SERVICE FROM
2 4 OTHER IOWA PUBLIC RETIREMENT SYSTEM.
2 5 1. A vested member who has one or more full calendar years
2 6 of earnable compensation who was in public employment
2 7 comparable to employment covered under this chapter in another
2 8 public retirement system in this state but who was not retired
2 9 under that system, upon submitting verification of membership
2 10 and service in the other public system to the retirement
2 11 system, including proof that the member has no further claim
2 12 upon a retirement benefit from that other public system, may
2 13 make contributions as provided by this section to the system
2 14 either for the entire period of service in the other public
2 15 system, or for partial service in the other public system in
2 16 increments of one or more calendar quarters.
2 17 2. The contributions required to be made for purposes of
2 18 purchasing additional service shall be in an amount equal to
2 19 the actuarial cost of the service purchase. For purposes of
2 20 this subsection, the actuarial cost of the service purchase is
2 21 an amount determined by the retirement system in accordance
2 22 with actuarial tables, as reported to the retirement system by
2 23 the system's actuary, which reflects the actuarial cost
2 24 necessary to fund an increased retirement allowance resulting
2 25 from the purchase of additional service. The member may
2 26 direct that any entitlement to a refund of contributions made
2 27 in the other public system be transferred to this system for
2 28 the purposes of making the contribution required by this
2 29 subsection.
2 30 3. A member entitled to a benefit from another public
2 31 system must waive, on a form provided by the system, all
2 32 rights to a retirement benefit under the other public system
2 33 before receiving credit in this system for the years of
2 34 service in the other public system. The waiver must be
2 35 accepted by the other public system.
3 1 4. However, the retirement system shall ensure that the
3 2 member, in exercising an option provided in this section, does
3 3 not exceed the amount of annual additions to a member's
3 4 account permitted pursuant to section 415 of the federal
3 5 Internal Revenue Code.
3 6 EXPLANATION
3 7 This bill permits a vested member of the peace officers
3 8 retirement system (PORS) or the municipal fire and police
3 9 retirement system (MFPRSI) to purchase additional service
3 10 credit under the applicable system for service in another
3 11 public retirement system in the state. The service in the
3 12 other retirement system is required to be comparable to
3 13 employment covered under PORS or MFPRSI and the member must
3 14 waive any claim to a retirement benefit under the other system
3 15 to the extent of the purchase of service credit. The bill
3 16 provides that the cost of purchasing credit shall be an amount
3 17 determined by the system's actuary which reflects the cost to
3 18 the system of providing that member with additional service
3 19 credit.
3 20 LSB 5111SS 78
3 21 ec/cls/14
Text: SF02042 Text: SF02044 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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