Iowa Code 97B.42C – Retirement system merger
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Terms Used In Iowa Code 97B.42C
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Municipal utility: means a public utility as defined in section 412. 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
- System: means the Iowa public employees' retirement system. See Iowa Code 97B.1
A municipal utility that has established a pension and annuity retirement system for its employees pursuant to chapter 412, or a school district that has established a pension and annuity retirement system for its employees pursuant to chapter 294, may adopt a resolution to authorize the merger of its pension and annuity retirement system with and into the Iowa public employees’ retirement system. The system is authorized, but is not required, to accept such a proposal. The governing body of the municipal utility or school district and the Iowa public employees’ retirement system shall, acting in their fiduciary capacities, mutually determine the terms and conditions of such a merger, including any additional funds necessary to fund the service credits being transferred to the Iowa public employees’ retirement system, and either party may decline the merger if they cannot agree on such terms and conditions. The system shall adopt such rules as it deems necessary and prudent to effectuate mergers as provided by this section.