411.10 Purchase of service credit for military service.
1. An active member of the system who has been a member of the retirement system five or more years may elect to purchase up to five years of service credit for military service, other than military service required to be recognized under Internal Revenue Code §414(u) or under the federal Uniformed Services Employment and Reemployment Rights Act, that will be recognized by the retirement system for purposes of calculating a member’s benefit, pursuant to Internal Revenue Code §415(n) and the requirements of this section.
2. a. A member seeking to purchase service credit pursuant to this section shall file a written application with the system requesting an actuarial determination of the cost of a purchase of service credit. Upon receipt of the cost estimate for the purchase of service from the system, the member may make contributions to the system in an amount equal to the actuarial cost of the service credit purchase.
b. For purposes of this subsection, the actuarial cost of the service credit purchase is an amount determined by the system in accordance with actuarial tables, as reported to the system by the system’s actuary, which reflects the actuarial cost necessary to fund an increased retirement allowance resulting from the purchase of service credit.
3. The system shall ensure that the member, in exercising an option provided in this section, does not exceed the amount of annual additions to a member’s account permitted pursuant to §415 of the federal Internal Revenue Code.
4. The board of trustees shall adopt rules providing for the implementation and administration of this section.
2008 Acts, ch 1171, §52
Structure Iowa Code
Chapter 411 - RETIREMENT SYSTEM FOR POLICE OFFICERS AND FIRE FIGHTERS
Section 411.1A - Purpose of chapter.
Section 411.2 - Participation in retirement system.
Section 411.3 - Membership — reemployment.
Section 411.4 - Service creditable.
Section 411.5 - Administration.
Section 411.6A - Optional retirement benefits.
Section 411.6B - Rollovers of members’ accounts.
Section 411.6C - Deferred retirement option plan.
Section 411.7 - Management of fund.
Section 411.8 - Method of financing.
Section 411.9 - Military service exceptions.
Section 411.10 - Purchase of service credit for military service.
Section 411.10A - Purchase of service credit for prior service.
Section 411.11 - Contributions by the city.
Section 411.12 - City obligations.
Section 411.13 - Exemption from execution and other process or assignment — exceptions.
Section 411.14 - Fraudulent practice — correction of errors.
Section 411.15 - Hospitalization and medical attention.
Section 411.16 - Hours of service.
Section 411.17 - Provisions not applicable.
Section 411.20 - State appropriation.
Section 411.22 - Liability of third parties — subrogation.
Section 411.23 - Withdrawal of contributions — repayment — automatic refund.
Section 411.24 - Payment to representative payee.
Section 411.30 - Transfer of membership.
Section 411.31 - Optional transfers with chapter 97A.
Section 411.35 - Statewide system established — city systems terminated.
Section 411.36 - Board of trustees for statewide system.
Section 411.37 - Board responsible for transition.
Section 411.38 - Obligations of participating cities.
Section 411.39 - Benefits for employees of the board of trustees for the statewide system.