97OLD-AGE AND SURVIVORS’ INSURANCE SYSTEM97.1Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.2Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.3Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.4Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.5Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.6Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.7Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.8Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.9Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.10Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.11Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.12Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.13Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.14Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.15Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.16Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.17Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.18Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.19Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.20Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.21Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.22Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.23Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.24Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.25Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.26Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.27Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.28Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.29Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.30Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.31Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.32Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.33Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.34Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.35Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.36Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.37Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.38Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.39Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.40Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.41Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.42Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.43Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.44Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.45Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.46Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.47Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.48Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.49Repealed by 53 Acts, ch 71, §1, except as indicated herein. 97.50Repeal of prior law — rights preserved.Chapter 97, Code 1950, as amended by the Fifty-fourth General Assembly, is hereby repealed, subject to the provisions which follow:1Any person being paid any benefits under the provisions of sections 97.13 through 97.18, Code 1950, as amended, as of June 30, 1953, shall continue to receive such benefits as though that chapter had not been repealed.2Any person who became entitled to any benefits under the provisions of sections 97.13 through 97.19, Code 1950, as amended, through the retirement or death of any person prior to June 30, 1953, shall be paid the same benefits upon proper application, subsequent to June 30, 1953, as though that chapter had not been repealed.3Any individual who was, as of June 30, 1953, a fully insured individual as defined in section 97.45, subsection 6, Code 1950, as amended, and who would be a fully insured individual at age sixty-five, on the basis of service prior to June 30, 1953 (but who is not under public employment as of such date), shall be entitled to receive, in the event of the individual’s reaching sixty-five years of age after June 30, 1953, not less than the same individual primary benefit the individual would have received under the provisions of section 97.13, Code 1950, as amended, had the individual been eligible for retirement as of that date as though chapter 97, Code 1950, as amended, had not been repealed. Any individual who was as of June 30, 1953, a fully insured individual as defined in section 97.45, subsection 6, Code 1950, as amended, and who would be fully insured at age of sixty-five, on the basis of service prior to June 30, 1953, and who is as of June 30, 1953, under public employment, and also under coverage of a federal civil service retirement plan, shall be entitled to receive after reaching sixty-five years of age, provided the individual is no longer in public employment, not less than the same individual primary benefit the individual would have received under the provisions of section 97.13, Code 1950, as amended, had the individual been eligible for retirement as of that date, as though chapter 97, Code 1950, as amended, had not been repealed; and any wife, widow, child or other dependent of such individual would become entitled to any benefits as provided by chapter 97, Code 1950, as amended, after June 30, 1953, shall be entitled to receive benefits as provided by chapter 97, Code 1950, as though that chapter had not been repealed.4Any wife, widow, child, or other dependent of any fully insured individual who left employment or died prior to June 30, 1953, who would become entitled to any benefit as provided by chapter 97, Code 1950, as amended, after June 30, 1953, shall be entitled to receive benefits as provided by chapter 97, Code 1950, as amended, as though that chapter had not been repealed.5Any currently insured individual under the terms of subsection 7 of section 97.45, Code 1950, as amended, who is not in Iowa public employment as of June 30, 1953, shall continue to be a currently insured individual against death for the period designated in said subsection and the provisions of coverage for benefit purposes under said subsection shall apply to such individuals as they would have applied as though chapter 97, Code 1950, as amended, had not been repealed.[C46, 50, §97.13 – 97.19; C54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §97.50]2021 Acts, ch 80, §5097.51Special fund created — refunds.There is hereby created as a special fund, separate and apart from all other public moneys or funds of this state, the “Iowa Old-Age and Survivors’ Insurance Liquidation Fund”, this fund to consist of all unexpended moneys collected under the provisions of chapter 97, Code 1950, as amended, together with all interest thereon, and also to include all securities and other assets acquired by and through the use of the moneys belonging to the Iowa old-age and survivors’ insurance trust fund, and any other moneys that may be paid into this fund. There is hereby transferred to the Iowa old-age and survivors’ insurance liquidation fund all funds and assets of the old-age and survivors’ insurance trust fund created by the provisions of section 97.5, Code 1950. There shall also be deposited in the Iowa old-age and survivors’ insurance liquidation fund all receipts after June 30, 1953, as a result of the collection of taxes or other moneys, as provided by section 97.8, Code 1950.1The treasurer of state is the custodian and trustee of this fund and shall administer the fund in accordance with the directions of the Iowa public employees’ retirement system created in section 97B.1. It is the duty of the trustee:aTo hold said trust funds.bUnder the direction of the system and as designated by the system, invest such portion of said trust funds as are not needed for current payment of benefits, in interest-bearing securities issued by the United States, or interest-bearing bonds issued by the state of Iowa, or bonds issued by counties, school districts or general obligations or limited levy bonds issued by municipal corporations in this state as authorized by law; also to sell and dispose of same when needed for the payment of benefits.cTo disburse the trust funds upon warrants drawn by the director of the department of administrative services pursuant to the order of the system.2All moneys which are paid or deposited into this fund are hereby appropriated and made available to the system to be used only for the purposes herein provided:aTo be used by the system for the payment of claims for benefits.bTo be used by the system for the payment in accordance with any agreement with the federal social security administration of amounts required to obtain retroactive federal social security coverage of Iowa public employees, dating from January 1, 1951, and for the payment of refunds which were authorized by the provisions of section 97.7, Code 1950, and for the payment of such other refunds to employees as may be authorized by the general assembly, and such other purposes as may be authorized by the general assembly.3The system shall administer the Iowa old-age and survivors’ insurance liquidation fund and shall also administer all other provisions of this chapter.4Any public employee subject to coverage under the provisions of chapter 97, Code 1950, as amended, in public service as of June 30, 1953, and who has not applied for and qualified for benefit payments under the provisions of chapter 97, Code 1950, as amended, who had contributed to the Iowa old-age and survivors’ insurance fund prior to the repeal of chapter 97, Code 1950, as amended, shall be entitled to a refund of contributions paid into the Iowa old-age and survivors’ insurance fund by such employee without interest, but there shall be deducted from the amount of any such refund any amount which has been or will be paid in the employee’s behalf as the employee’s contribution as an employee to obtain retroactive federal social security coverage. Any former public employee not in public service as of June 30, 1953, who has contributed to the Iowa old-age and survivors’ insurance fund, the employee’s beneficiaries or estate, when no benefit has been paid under chapter 97, Code 1950, based upon such employee’s prior record, shall be entitled to a refund of seventy-five percent of all contributions paid by the employee into said fund, without interest. The system shall prescribe rules in regard to the granting of such refunds. In the event of such refund any individual receiving the same shall be deemed to have waived any and all rights in behalf of the individual or any beneficiary or the individual’s estate to further benefits under the provisions of chapter 97, Code 1950, as amended.5Any employee in public service as of June 30, 1953, may, in lieu of receiving the cash refund of the employee’s contributions, elect to come under the coverage of any new retirement system which may be created by the general assembly, to which the employee is eligible, with credits toward future benefits in consideration of the employee’s prior contributions and length of service, and may direct the transfer of the amount payable to the employee to the assets of such new retirement system.6In the payment of any benefits in the future, as a result of the provisions of chapter 97, Code 1950, as amended, the system shall follow the same procedure as provided by chapter 97, Code 1950, as amended, as though said chapter had not been repealed, except the requirements of subsection 4, paragraph “a”, and subsection 5 of section 97.21, Code 1950, shall not be applicable, but no primary benefit, based upon employment prior to June 30, 1953, shall be paid to any individual for any month during which the individual receives compensation for work in any position which would have been subject to coverage under the provisions of chapter 97, Code 1950, as amended, if the individual’s earnings for such month exceed one hundred dollars, nor shall any benefit be paid to a wife or dependent of such employee for such months, except that after a retired member reaches the age of seventy-two years, the member, the member’s wife and dependents shall be entitled to the benefits of this chapter regardless of the amount earned.7Beginning July 1, 1975, any person receiving benefits under the provisions of chapter 97, Code 1950, as amended, shall receive a monthly increase in benefits equal to one hundred percent of the monthly benefits received for June 1975 or for which the person was eligible to receive for June 1975. Any person who becomes eligible for benefits under chapter 97, Code 1950, on or after July 1, 1975, shall receive the same percentage increase.8aEffective July 1, 1980, a person receiving benefits, or who becomes eligible to receive benefits, on or after July 1, 1980, under this chapter, shall receive the monthly increase in benefits provided in section 97B.49G, subsection 3, paragraph “a”.bThere is appropriated from the general fund of the state to the Iowa old-age and survivors’ insurance liquidation fund from funds not otherwise appropriated an amount sufficient to finance the provisions of this subsection.9aEffective July 1, 1984, a person receiving benefits, on or after July 1, 1984, under this chapter, shall receive a monthly increase in benefits equal to ten percent of the monthly benefits received for June 1984 or which the person was eligible to receive for June 1984, except as otherwise provided in this subsection. A person who becomes eligible for benefits under chapter 97, Code 1950, on or after July 1, 1984, shall receive the ten percent increase.bA person eligible to receive benefits under this chapter on June 30, 1984, may elect in writing to the Iowa department of job service* not to receive the monthly benefit increase granted in this subsection.cThere is appropriated annually from the general fund of the state to the Iowa old-age and survivors’ insurance liquidation fund from funds not otherwise appropriated an amount sufficient to pay the benefit increases provided in this subsection.10aEffective July 1, 1992, a person receiving benefits, on or after July 1, 1992, under this chapter, shall receive a monthly increase in benefits of ten dollars per month. A person who becomes eligible for benefits under chapter 97, Code 1950, on or after July 1, 1992, shall receive the ten dollar increase.bThere is appropriated annually from the general fund of the state to the Iowa old-age and survivors’ insurance liquidation fund from funds not otherwise appropriated an amount sufficient to pay the benefit increases provided in this subsection.[C46, 50, §97.5, 97.7 – 97.9, 97.12, 97.23, 97.35; C54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §97.51]84 Acts, ch 1285, §1; 86 Acts, ch 1245, §242; 92 Acts, ch 1201, §1; 98 Acts, ch 1183, §8; 2003 Acts, ch 145, §165, 166, 286; 2005 Acts, ch 19, §27, 28; 2005 Acts, ch 179, §111; 2008 Acts, ch 1032, §20197.52Administration agreements.The Iowa public employees’ retirement system created in section 97B.1 may enter into agreements whereby services performed by the system and its employees under this chapter and chapters 97B and 97C shall be equitably apportioned among the funds provided for the administration of those chapters. The money spent for personnel, rentals, supplies, and equipment used by the system in administering the chapters shall be equitably apportioned and charged against the funds.[C46, 50, §97.3 – 97.5, 97.23, 97.48; C54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §97.52]86 Acts, ch 1244, §19; 2003 Acts, ch 145, §167; 2007 Acts, ch 22, §3097.53Rule of construction.As used in sections 97.50 through 97.52, unless clearly indicated by the context to the contrary, all references to employment or service refer to employment or service in Iowa public employment.[C46, 50, §97.1, 97.2; C54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §97.53]2021 Acts, ch 80, §51