Iowa Code 97A.10A – Purchase of service credit for military service
Current as of: 2023 | Check for updates
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1. An active member of the system who has been a member of the retirement system five or more years may elect to purchase up to five years of service credit for military service, other than military service required to be recognized under Internal Revenue Code §414(u) or under the federal Uniformed Services Employment and Reemployment Rights Act, that will be recognized by the retirement system for purposes of calculating a member’s benefit, pursuant to Internal Revenue Code §415(n) and the requirements of this section.
Terms Used In Iowa Code 97A.10A
- Board of trustees: means the board created in section 97A. See Iowa Code 97A.1
- reemployment: means the employment of a person in a position which would otherwise be included as a membership position under subsection 1, after the person has commenced receiving a service retirement allowance under section 97A. See Iowa Code 97A.3
- Retirement allowance: shall mean the pension, or any benefits in lieu thereof, granted to a member upon retirement. See Iowa Code 97A.1
- System: shall mean the Iowa department of public safety peace officers' retirement, accident, and disability system as defined in section 97A. See Iowa Code 97A.1
2. a. A member seeking to purchase service credit pursuant to this section shall file a written application with the system requesting an actuarial determination of the cost of a purchase of service credit. Upon receipt of the cost estimate for the purchase of service from the system, the member may make contributions to the system in an amount equal to the actuarial cost of the service credit purchase.
b. For purposes of this subsection, the actuarial cost of the service credit purchase is an amount determined by the system in accordance with actuarial tables, as reported to the system by the system’s actuary, which reflects the actuarial cost necessary to fund an increased retirement allowance resulting from the purchase of service credit.
3. The system shall ensure that the member, in exercising an option provided in this section, does not exceed the amount of annual additions to a member’s account permitted pursuant to §415 of the Internal Revenue Code.
4. The board of trustees shall adopt rules providing for the implementation and administration of this section.