Iowa Code 602.9115A – Optional annuity for judge and survivor
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1. In lieu of the annuities and refunds provided for judges and judges’ survivors under sections 602.9107, 602.9108, 602.9115, 602.9204, 602.9208, and 602.9209, judges may elect to receive an optional retirement annuity during the judge’s lifetime and have the optional retirement annuity, or a designated fraction of the optional retirement annuity, continued and paid to the judge’s survivor after the judge’s death and during the lifetime of the survivor.
Terms Used In Iowa Code 602.9115A
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See Iowa Code 633D.2
- State court administrator: means the person appointed by the supreme court pursuant to section 602. See Iowa Code 602.1101
2. The judge shall make the election request in writing to the state court administrator prior to retirement. The election is subject to the approval of the state court administrator. The judge may revoke the election prior to retirement by written request to the state court administrator, but cannot revoke the election after retirement.
3. The optional retirement annuity shall be the actuarial equivalent of the amounts of the annuities payable to judges and survivors under sections 602.9107, 602.9115, 602.9204, 602.9208, and 602.9209. The actuarial equivalent shall be based on the mortality and interest assumptions set out in section 602.9107, subsection 3.
4. a. If the judge dies without a survivor, prior to retirement or prior to receipt in annuities of an amount equal to the total amount remaining to the judge’s credit at the time of separation from service, the election is null and void and the refunding provisions of section 602.9108 apply.
b. If the judge dies with a survivor prior to retirement, the election remains valid and the survivor is entitled to receive the annuity beginning at the death of the judge.
c. If the judge dies with a survivor and the survivor subsequently dies prior to receipt in annuities by both the judge and the survivor of an amount equal to the total amount remaining to the judge’s credit at the time of separation from service, the election remains valid and the refunding provision of section 602.9115 applies.