Terms Used In Iowa Code > Chapter 97B - Iowa Public Employees' Retirement System (Ipers)

• Abolished system: means the Iowa old-age and survivors' insurance system repealed by sections 97. See Iowa Code 97B.1A
• Accumulated contributions: means the total obtained as of any date, by accumulating each individual contribution by the member with interest plus interest dividends as provided in section 97B. See Iowa Code 97B.1A
• Accumulated employer contributions: means an amount equal to the total obtained as of any date, by accumulating each individual contribution by the employer for the member with interest plus interest dividends as provided in section 97B. See Iowa Code 97B.1A
• Actuarial equivalent: means a benefit of equal value when computed upon the basis of such actuarial tables as are adopted by the system. See Iowa Code 97B.1A
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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: means the person or persons who are entitled to receive any benefits payable under this chapter at the death of a member, if the person or persons have been designated on a form provided by the system and filed with the system. See Iowa Code 97B.1A
• Board: means the investment board created by section 97B. See Iowa Code 97B.1
• Bona fide retirement: means a retirement by a vested member which meets the requirements of section 97B. See Iowa Code 97B.1A
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Chief executive officer: means the chief executive officer of the Iowa public employees' retirement system. See Iowa Code 97B.1
• Child: includes child by adoption. See Iowa Code 4.1
• clerk: means clerk of the court in which the action or proceeding is brought or is pending; and the words "clerk's office" mean the office of that clerk. See Iowa Code 4.1
• Committee: means the benefits advisory committee created by section 97B. See Iowa Code 97B.1
• Contract: A legal written agreement that becomes binding when signed.
• 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
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• 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
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• Final average covered wage: means the greater of the following:
   a. See Iowa Code 97B.1A
• First month of entitlement: means the first month for which a member is qualified to receive retirement benefits under this chapter. 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.
• following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
• Fraud: Intentional deception resulting in injury to another.
• Fully funded: means a funded ratio of at least one hundred percent using the most recent actuarial valuation. See Iowa Code 97B.1A
• funded ratio: means the ratio produced by dividing the lesser of the actuarial value of the system's assets or the market value of the system's assets, by the system's actuarial liabilities, using the actuarial method adopted by the investment board pursuant to section 97B. See Iowa Code 97B.1A
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Inactive vested member: means an inactive member who was a vested member at the time of termination of employment. See Iowa Code 97B.1A
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Internal Revenue Code: means the Internal Revenue Code as defined in section 422. See Iowa Code 97B.1A
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Majority leader: see Floor Leaders
• 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
• Member account: means the account established for each member and includes the member's accumulated contributions and the member's share of the accumulated employer contributions as provided in section 97B. See Iowa Code 97B.1A
• Membership service: means service rendered by a member after July 4, 1953. See Iowa Code 97B.1A
• Minority leader: See Floor Leaders
• month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
• Municipal utility: means a public utility as defined in section 412. See Iowa Code 97B.1A
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Prior service: means any service by an employee rendered at any time prior to July 4, 1953. See Iowa Code 97B.1A
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
• property: includes personal and real property. See Iowa Code 4.1
• Quorum: The number of legislators that must be present to do business.
• Regular service: means service for an employer other than special service. See Iowa Code 97B.1A
• Retired member: means a member who has applied for the member's retirement allowance and has survived into at least the first day of the member's first month of entitlement. 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
• road: include public bridges, and may be held equivalent to the words "county way" "county road" "common road" and "state road". See Iowa Code 4.1
• Rule: includes "regulation". See Iowa Code 4.1
• 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
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Special service: means service for an employer while employed in a protection occupation as provided in section 97B. See Iowa Code 97B.1A
• state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Subpoena: A command to a witness to appear and give testimony.
• supplemental account: means the account established for each active member under section 97B. See Iowa Code 97B.1A
• System: means the Iowa public employees' retirement system. See Iowa Code 97B.1
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Three-year average covered wage: means a member's covered wages averaged for the highest three years of the member's service, except as otherwise provided in this subsection. See Iowa Code 97B.1A
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• United States: includes all the states. See Iowa Code 4.1
• Vested by service: means a member who meets one of the following requirements:
   (1) Prior to July 1, 1965, had attained the age of forty-eight and completed at least eight years of service. See Iowa Code 97B.1A
• Vested member: means a member who has attained through age or sufficient years of service eligibility to receive monthly retirement benefits upon the member's retirement. See Iowa Code 97B.1A
• 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
• Years of prior service: means the total of all periods of prior service of a member. See Iowa Code 97B.1A