97A.16 Withdrawal of contributions — repayment.
1. Commencing July 1, 1990, if an active member, in service on or after that date, terminates service, other than by death or disability, the member may elect to withdraw the member’s contributions under section 97A.8, subsection 1, paragraphs “f” and “h”, together with interest thereon at a rate determined by the board of trustees. If a member withdraws contributions as provided in this section, the member shall be deemed to have waived all claims for other benefits from the system for the period of membership service for which the contributions are withdrawn.
2. A layoff for an indefinite period of time shall be deemed to be a termination of service for the purposes of this section. A member who withdraws the member’s contributions as provided in this section following a layoff for an indefinite period of time and who is subsequently recalled to service may repay the contributions. The contributions repaid by the member for such service shall be equal to the amount of contributions withdrawn, plus interest computed based upon the investment interest rate assumption established by the board of trustees as of the time the contributions are repaid. However, the member must make the contributions within two years of the date of the member’s return to service. The period of membership service for which contributions are repaid shall be treated as though the contributions were never withdrawn.
90 Acts, ch 1240, §14; 93 Acts, ch 44, §2
Referred to in §97A.6, 411.31
Structure Iowa Code
Title III - PUBLIC SERVICES AND REGULATION
Chapter 97A - PUBLIC SAFETY PEACE OFFICERS’ RETIREMENT, ACCIDENT, AND DISABILITY SYSTEM
Section 97A.1 - Definitions of words and phrases.
Section 97A.2 - Creation of system — purpose — name.
Section 97A.3 - Membership in system — reemployment.
Section 97A.4 - Service creditable.
Section 97A.5 - Administration.
Section 97A.6A - Optional retirement benefits.
Section 97A.6B - Rollovers of members’ accounts.
Section 97A.7 - Management of funds.
Section 97A.8 - Method of financing.
Section 97A.9 - Military service exceptions.
Section 97A.10 - Purchase of eligible service credit.
Section 97A.10A - Purchase of service credit for military service.
Section 97A.11 - Contributions by the state.
Section 97A.11A - Supplemental state appropriation.
Section 97A.12 - Exemption from execution and other process or assignment — exceptions.
Section 97A.13 - Protection against fraud.
Section 97A.14 - Hospitalization and medical attention.
Section 97A.14A - Liability of third parties — subrogation.