1. Each employer shall deduct from the wages of each member of the retirement system a contribution in the amount of the applicable employee percentage of the covered wages paid by the employer and such additional amount if otherwise required by law, until the member’s termination from employment. The contributions of the employer shall be in the amount of the applicable employer percentage of the covered wages of the member and such additional amount if otherwise required by law.

Terms Used In Iowa Code 97B.11

  • Board: means the investment board created by section 97B. See Iowa Code 97B.1
  • Contributions: means the payments to the fund required herein, by the employer and by the members, to provide the benefits of the retirement system. See Iowa Code 97B.1A
  • Covered wages: means wages of a member during the periods of membership service as follows:
     (a) For the period from July 4, 1953, through December 31, 1953, and each calendar year from January 1, 1954, through December 31, 1963, wages not in excess of four thousand dollars. See Iowa Code 97B.1A
  • Employee: means an individual who is employed as defined in this chapter for whom coverage under this chapter is mandatory. See Iowa Code 97B.1A
  • Employer: means the state of Iowa, the counties, municipalities, agencies, public school districts, all political subdivisions, and all of their departments and instrumentalities, including area agencies on aging, other than those employing persons as specified in subsection 8, paragraph "b" subparagraph (7), and joint planning commissions created under chapter 28E or 28I. See Iowa Code 97B.1A
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Member: means an employee or a former employee who maintains the employee's or former employee's accumulated contributions in the retirement system. See Iowa Code 97B.1A
  • Regular service: means service for an employer other than special service. See Iowa Code 97B.1A
  • Retirement: means that period of time beginning when a member who has filed an approved application for a retirement allowance has survived into at least the first day of the member's first month of entitlement and ending when the member dies. See Iowa Code 97B.1A
  • Retirement system: means the retirement plan as contained in this chapter or as duly amended. See Iowa Code 97B.1A
  • Service: means service under this chapter by an employee, except an elected official, for which the employee is paid covered wages. See Iowa Code 97B.1A
  • Special service: means service for an employer while employed in a protection occupation as provided in section 97B. See Iowa Code 97B.1A
  • System: means the Iowa public employees' retirement system. See Iowa Code 97B.1
  • wages: includes amounts that can be received in cash in lieu of employer-paid contributions to such plans, if the election is uniformly available and is not limited to highly compensated employees, as defined in section 414(q) of the Internal Revenue Code. See Iowa Code 97B.1A
  • year: means twelve consecutive months. See Iowa Code 4.1
 2. Prior to July 1, 2011, for purposes of this section, unless the context otherwise requires:

 a. “Applicable employee percentage” means the percentage rate equal to three and seven-tenths percent plus forty percent of the total additional percentage.
 b. “Applicable employer percentage” means the percentage rate equal to five and seventy-five hundredths percent plus sixty percent of the total additional percentage.
 c. “Total additional percentage” means for the fiscal period beginning July 1, 2007, through June 30, 2011, the total additional percentage for the prior fiscal year plus, only if the total comparison percentage is greater than the total of the applicable employee percentage and the applicable employer percentage for the prior fiscal year, one-half percentage point.
 d. “Total comparison percentage” means the percentage rate that the system determines, based upon the most recent actuarial valuation of the retirement system, would be sufficient to amortize the unfunded actuarial liability of the retirement system in ten years.
 3. On and after July 1, 2011, for purposes of this section, unless the context otherwise requires:

 a. For members in regular service:

 (1) “Applicable employee percentage” means the percentage rate equal to forty percent of the required contribution rate for members in regular service.
 (2) “Applicable employer percentage” means the percentage rate equal to sixty percent of the required contribution rate for members in regular service.
 b. For members in special service in a protection occupation as described in section 97B.49B:

 (1) “Applicable employee percentage” means the percentage rate equal to forty percent of the required contribution rate for members described in section 97B.49B.
 (2) “Applicable employer percentage” means the percentage rate equal to sixty percent of the required contribution rate for members described in section 97B.49B.
 c. For members in special service as a county sheriff or deputy sheriff as described in section 97B.49C:

 (1) “Applicable employee percentage” means the percentage rate equal to fifty percent of the required contribution rate for members described in section 97B.49C.
 (2) “Applicable employer percentage” means the percentage rate equal to fifty percent of the required contribution rate for members described in section 97B.49C.
 d. “Required contribution rate” means that percentage of the covered wages of members in regular service, members described in section 97B.49B, and members described in section 97B.49C, that the system shall, for each fiscal year, separately set for members in each membership category as provided in this paragraph. The required contribution rate that is set by the system for a membership category shall be the contribution rate the system actuarially determines, based upon the most recent actuarial valuation of the system and using the actuarial methods, assumptions, and funding policy approved by the investment board, is the rate required by the system to discharge its liabilities as a percentage of the covered wages of members in that membership category. However, the required contribution rate set by the system for members in regular service for a fiscal year shall not vary by more than one percentage point from the required contribution rate for the prior fiscal year.
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