97B.49 Dormant accounts.
1. In the event that all, or any portion, of a retirement allowance, death benefit, or other distribution payable to a member or a member’s designated beneficiary, heirs at law, or estate, remains unpaid solely by reason of the inability of the system to locate the appropriate payee, the amount payable shall not be forfeited but shall be treated as a dormant account after the time for making a claim has run.
2. A dormant account shall revert to the retirement fund created in section 97B.7. A dormant account shall be non-interest-bearing, and except for keeping a record of such account, the system shall not maintain the account. A member who has a dormant account and returns to covered employment shall have their dormant account reactivated as of the quarter they return to covered employment. If the appropriate payee contacts the system after the amount payable is treated as a dormant account, the appropriate payee may claim such amounts by filing a withdrawal application provided by the system. The system shall have rulemaking authority to adopt rules necessary to implement this section in a just and equitable manner.
3. The system shall ensure that the payment of a dormant account as provided in this section meets the requirements of section 401(a)(9) of the federal Internal Revenue Code.
2004 Acts, ch 1103, §30
Structure Iowa Code
Title III - PUBLIC SERVICES AND REGULATION
Chapter 97B - IOWA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM (IPERS)
Section 97B.1 - System created — organizational definitions.
Section 97B.2 - Purpose of chapter.
Section 97B.3 - Chief executive officer — appointment and qualifications.
Section 97B.4 - Administration of chapter — powers and duties of system — immunity.
Section 97B.7 - Fund created — exclusive benefit — standing appropriations.
Section 97B.7A - Investment and management of retirement fund — standards — immunity.
Section 97B.8A - Investment board.
Section 97B.8B - Benefits advisory committee.
Section 97B.9 - Contributions — payment and interest.
Section 97B.9A - Collections — waiver.
Section 97B.10 - Crediting of erroneous contributions.
Section 97B.11 - Contributions by employer and employee.
Section 97B.11A - Pickup of employee contributions.
Section 97B.14 - Contributions forwarded.
Section 97B.14A - Wage reporting.
Section 97B.15 - Rules, policies, and procedures.
Section 97B.16 - Procedure of system.
Section 97B.17 - Records maintained.
Section 97B.18 - Statement of accumulated credit.
Section 97B.19 - Revision for error.
Section 97B.20A - Appeal procedure.
Section 97B.20B - Hearing by administrative law judge.
Section 97B.22 - Witnesses and evidence.
Section 97B.23 - Penalty for noncompliance.
Section 97B.24 - Production of books and papers.
Section 97B.25 - Applications for benefits.
Section 97B.27 - Review of decision.
Section 97B.28 - System deemed party to action.
Section 97B.29 - Judicial review.
Section 97B.32 - Appeal to supreme court.
Section 97B.33 - Payment to individuals.
Section 97B.34 - Payment to representatives.
Section 97B.34A - Payment to minors.
Section 97B.35 - Finality of such payments.
Section 97B.36 - Representatives of system.
Section 97B.37 - Recognition of agents.
Section 97B.38 - Fees for services.
Section 97B.39 - Rights not transferable or subject to legal process — exceptions.
Section 97B.42 - Mandatory membership — membership in other systems.
Section 97B.42A - Optional exclusion from membership.
Section 97B.42B - Transfer to chapter 97A — options for certain public safety employees.
Section 97B.42C - Retirement system merger.
Section 97B.43 - Prior service credit.
Section 97B.45 - Normal retirement date.
Section 97B.46 - Service after age sixty-five.
Section 97B.47 - Early retirement date.
Section 97B.48 - Payment of allowances.
Section 97B.48A - Reemployment.
Section 97B.49 - Dormant accounts.
Section 97B.49A - Monthly payments of allowance — general calculation.
Section 97B.49B - Protection occupation.
Section 97B.49C - Sheriffs and deputy sheriffs.
Section 97B.49D - Hybrid formula.
Section 97B.49E - Minimum benefits.
Section 97B.49F - Retirement dividends.
Section 97B.49G - Monthly payments of allowance — miscellaneous provisions.
Section 97B.49H - Active member supplemental accounts.
Section 97B.49I - Qualified benefits arrangement.
Section 97B.50 - Early retirement.
Section 97B.50A - Disability benefits for special service members.
Section 97B.51 - Allowance upon retirement.
Section 97B.52 - Payment to beneficiary.
Section 97B.52A - Eligibility for benefits — bona fide retirement.
Section 97B.53 - Termination of employment — refund options.
Section 97B.53A - Duty of system.
Section 97B.53B - Rollovers of members’ accounts.
Section 97B.56 - Abolished system — liquidation fund.
Section 97B.58 - Information furnished by employer.
Section 97B.62 - Accepting employment deemed consent.
Section 97B.64 - Insurance laws not applicable.
Section 97B.66 - Former members.
Section 97B.68 - Employees under federal civil service.
Section 97B.70 - Interest and dividends to members.
Section 97B.73B - Patient advocates — unpaid contributions — service purchase.
Section 97B.74 - Reinstatement as a vested member (buy-back).
Section 97B.75 - Prior service credit before January 1, 1946.
Section 97B.80 - Veteran’s credit.
Section 97B.80C - Purchases of permissive service credit.
Section 97B.81 - Leaves of absence.
Section 97B.82 - Purchase of service credit — direct rollovers — direct transfers.