1. Effective July 1, 1988, a person who is a member of the federal civil service retirement program or the federal employee's retirement system is not eligible for membership in the Iowa public employees' retirement system, and this chapter does not apply to that employee. An employee whose membership in the federal civil service retirement program or the federal employee's retirement system is subsequently terminated shall immediately notify the employee's employer and the department of personnel of that fact, and the employee shall become subject to this chapter on the date the notification is received by the department.
2. Upon termination of membership in the Iowa public employees' retirement system under the provisions of this section, the employee shall be paid from the Iowa public employees' retirement fund within six months of the termination a lump sum cash amount equal to the sum of:
a. Such member's accumulated contributions as defined in subsection 2 of section 97B.41, computed as of July 4, 1959, plus
b. The total amount contributed to the Iowa old-age and survivors' insurance fund prior to July 1, 1953, by such member which was transferred to the retirement fund as of July 1, 1953, and would have been refundable to the member had the member not elected to receive prior service credit in accordance with section 97B.43, with interest on such amount at two percent per annum compounded annually from July 1, 1953, to July 4, 1959.
[C62, 66, 71, 73, 75, 77, 79, 81, § 97B.68]
88 Acts, ch 1242, § 48
Iowa General Assembly
Search: Iowa Code 1995
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