Iowa Code 411.14 – Fraudulent practice — correction of errors
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 411.14
- Actuarial equivalent: means a benefit of equal value, when computed upon the basis of mortality tables adopted by the system, and interest computed at the rate established by the actuary. See Iowa Code 411.1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: shall mean any person receiving a retirement allowance or other benefit as provided by this chapter. See Iowa Code 411.1
- Member: means a member of the retirement system as defined by section 411. See Iowa Code 411.1
- Person: means an individual, firm, partnership, domestic or foreign corporation, company, association or joint stock association, trust, or other legal entity, and includes a trustee, receiver, assignee, or similar representative thereof, but does not include a governmental body. See Iowa Code 362.2
- system: means the statewide fire and police retirement system established by this chapter for the fire fighters and police officers of the cities described in section 411. See Iowa Code 411.1
A person who knowingly makes a false statement or falsifies or permits to be falsified any record or records of the retirement system in an attempt to defraud the system as a result of such act, is guilty of a fraudulent practice. If any change or error in records results in a member or beneficiary receiving from the retirement system more or less than the member or beneficiary would have been entitled to receive had the records been correct, the system shall correct the error, and, as far as practicable, shall adjust the payments in such a manner that the actuarial equivalent of the benefit to which the member or beneficiary was correctly entitled, shall be paid.