1. A member has a bona fide retirement when the member terminates employment and remains out of employment for at least one hundred twenty consecutive days, files an application for benefits form with the department, and does not return to employment as defined in this chapter until the member has qualified for no fewer than four calendar month's retirement benefits.
2. A member may commence receiving retirement benefits under this chapter upon satisfying eligibility requirements and remaining out of covered employment for one calendar month. However, a retired member who commences receiving a retirement allowance but returns to employment before the expiration of the one hundred twenty consecutive day period, does not have a bona fide retirement and any retirement allowance received by such a member must be returned to the system together with interest earned on the retirement allowance calculated at a rate determined by the department. Until the member has repaid the retirement allowance and interest, the department may withhold any future retirement allowance for which the member may qualify.
92 Acts, ch 1201, §55
Referred to in § 97B.41, 97B.42
Iowa General Assembly
Search: Iowa Code 1995
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