411.31 Optional transfers with chapter 97A.
1. For purposes of this section, unless the context otherwise requires:
a. “Average accrued benefit” means the average of the amounts representing the present value of the accrued benefit earned by the member determined by the former system and the present value of the accrued benefit earned by the member determined by the current system.
b. “Current system” means the eligible retirement system in which a person has commenced employment covered by the system after having terminated employment covered by the former system.
c. “Eligible retirement system” means the system created under this chapter and the Iowa department of public safety peace officers’ retirement, accident, and disability system established in chapter 97A.
d. “Former system” means the eligible retirement system in which a person has terminated employment covered by the system prior to commencing employment covered by the current system.
e. “Refund liability” means the amount the member may elect to withdraw from the former system under section 97A.16.
2. Commencing July 1, 1996, a vested member of an eligible retirement system who terminates employment covered by one eligible retirement system and, within one year, commences employment covered by the other eligible retirement system may elect to transfer the greater of the average accrued benefit or refund liability earned from the former system to the current system. The member shall file an application with the current system for transfer of the greater of the average accrued benefit or refund liability within ninety days of the commencement of employment with the current system.
3. Notwithstanding subsection 2, a vested member whose employment with the current system commenced prior to July 1, 1996, may elect to transfer the average accrued benefit earned under the former system to the current system by filing an application with the current system for transfer of the average accrued benefit on or before July 1, 1997.
4. Upon receipt of an application for transfer as provided in this section, the current system shall calculate the average accrued benefit and the refund liability and the former system shall transfer to the current system assets in an amount equal to the greater of the average accrued benefit or refund liability. Once the transfer is completed, the member’s service under the former system shall be treated as membership service under the current system for purposes of this chapter and chapter 97A.
96 Acts, ch 1187, §105; 2002 Acts, ch 1135, §52, 53; 2004 Acts, ch 1103, §69 – 71
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.