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97B.48 Payment of allowances.

1. Retirement allowances shall be paid monthly, except that an allowance of less than six hundred dollars a year may, at the member's option, be paid as a lump sum in an amount equal to the sum of the member's and employer's accumulated contributions and the retirement dividends standing to the member's credit before December 31, 1966. Receipt of the lump-sum payment by a member shall terminate any and all entitlement for the period of service covered of the member under this chapter.

2. The first monthly payment of a normal retirement allowance shall be paid as of the normal retirement effective date, which date shall be the later of the normal retirement date or the first day of the sixth calendar month preceding the month in which written notice of normal retirement is submitted to the department. Written notice under this section may consist of submission of a completed estimate request form, a completed application for retirement form, or a letter from the member requesting information on retirement benefits, whichever is received first by the department. However, a letter requesting information on benefits or submission of a completed estimate request form is only valid for six months following the date of its receipt by the department, unless during that six-month period the department receives a completed application for retirement form from the member. A retirement allowance may only be provided retroactively for a single six-month period. Payment of an early retirement allowance or an allowance for retirement after the normal retirement date shall be paid as of the effective date of retirement subject to section 97B.45, 97B.46, or 97B.47. The payments shall be continued thereafter for the lifetime of the retired member except as provided in section 97B.48A.

3. As of the first of the month in which a member attains the age of seventy years, the member may commence receiving a retirement allowance regardless of the member's employment status.

Section History: Early form

[C54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 97B.48; 82 Acts, ch 1261, § 18]

Section History: Recent form

88 Acts, ch 1242, § 35; 90 Acts, ch 1240, § 26, 27; 92 Acts, ch 1201, § 40, 41; 94 Acts, ch 1183, §29; 96 Acts, ch 1187, § 27

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