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97a-10
97A.10 PURCHASE OF ELIGIBLE SERVICE CREDIT.
1. For purposes of this section:
a. (1) "Eligible qualified service" means as follows:
(a) Service with the department prior to July 1, 1994, in a
position as a gaming enforcement officer, fire prevention inspector
peace officer, or as an employee of the division of capitol police
except clerical workers.
(b) Service as a member of a city fire retirement system or
police retirement system operating under chapter 411 prior to January
1, 1992, for which service was not eligible to be transferred to this
system pursuant to section 97A.17.
(2) "Eligible qualified service" under this paragraph "a"
does not include service if the receipt of credit for such service
would result in the member receiving a retirement benefit under more
than one retirement plan for the same period of service.
b. "Permissive service credit" means credit that will be
recognized by the retirement system for purposes of calculating a
member's benefit, for which the member did not previously receive
service credit in the retirement system, and for which the member
voluntarily contributes to the retirement system the amount required
by the retirement system, not in excess of the amount necessary to
fund the benefit attributable to such service.
2. An active member of the system may make contributions to the
system to purchase up to the maximum amount of permissive service
credit for eligible qualified service as determined by the system,
pursuant to Internal Revenue Code section 415(n) and the requirements
of this section. A member seeking to purchase permissive service
credit pursuant to this section shall file a written application
along with appropriate documentation with the department by July 1,
2007.
3. A member making contributions for a purchase of permissive
service credit for eligible qualified service under this section
shall make contributions in an amount equal to the actuarial cost of
the permissive service credit purchase. For purposes of this
subsection, the actuarial cost of the permissive 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 permissive
service credit. Section History: Recent Form
2006 Acts, ch 1028, §1; 2008 Acts, ch 1032, §201
