Terms Used In Iowa Code 294.11

  • 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.
  • School: means an agency of the state or political subdivision of the state, individual, partnership, company, firm, society, trust, association, corporation, or any combination which meets any of the following criteria:
 The board of directors of any school district which has in operation the pension and annuity retirement system created pursuant to sections 294.8 through 294.10 may terminate the system by adopting a resolution declaring the system terminated as of a date specified in the resolution.