97A.15 VESTED AND RETIRED MEMBERS BEFORE JULY 1, 1979
-- ANNUITY OR WITHDRAWAL OF CONTRIBUTIONS.
1. Members who became vested and terminated service prior to July
1, 1979, and members receiving an annuity from accumulated
contributions made prior to July 1, 1979, shall continue to receive
the benefits the member was entitled to under the provisions of this
chapter, as this chapter was effective on the date of the member's
retirement or vested termination.
2. For the purposes of this section:
a. "Accumulated contributions" means the sum of all amounts
deducted from the compensation of a member and credited to the
member's individual account in the annuity savings fund together with
regular interest thereon as provided in this subsection. Accumulated
contributions do not include any amount deducted from the
compensation of a member and credited to the retirement fund.
b. "Annuity" means annual payments for life derived from the
accumulated contributions of a member. All annuities shall be
payable in monthly installments.
c. "Annuity reserve" shall mean the present value of all
payments to be made on account of an annuity, or benefit in lieu of
an annuity, granted under the provisions of this chapter, upon the
basis of such mortality tables as shall be adopted by the board of
trustees, and regular interest.
d. "Annuity savings fund" means the account maintained by the
board of trustees in which the accumulated contributions of the
members were deposited prior to July 1, 1979, to provide for their
annuities.
e. "Annuity reserve fund" means the account maintained by the
board of trustees from which shall be paid all annuities and all
benefits in lieu of annuities payable as provided in this chapter as
this chapter was effective on June 30, 1978.
f. "Regular interest" means interest at the rate of four
percent per annum, compounded annually and credited to the member's
account as of the date of the member's retirement or termination from
employment.
g. "Member who became vested" and "vested member" mean a
member who has been a member of the retirement system four or more
years and is entitled to benefits under this chapter.
3. Beginning July 1, 1979, the board of trustees shall maintain
and invest funds in the annuity reserve fund and the annuity savings
fund which had been contributed by members prior to July 1, 1979.
Members receiving an annuity as a portion of their retirement or
disability benefits on June 30, 1979, shall continue to receive such
annuity from the annuity reserve fund maintained by the board of
trustees. Members receiving an annuity, if reemployed under service
covered by this chapter, shall cease to receive retirement benefits.
4. The accumulated contributions of a member withdrawn by the
member or paid to the member's estate or designated beneficiary in
the event of the member's death shall be paid from the annuity
savings fund account. Upon the retirement of a member, the member's
accumulated contributions shall be transferred from the annuity
savings fund to the annuity reserve fund.
5. A member of the retirement system prior to July 1, 1979, with
fifteen or more years of service whose employment was terminated
prior to retirement, other than by death or disability, is entitled
to receipt of the member's accumulated contributions upon retirement
together with other retirement benefits provided in the law on the
date of the member's retirement.
6. Any member in service prior to July 1, 1979, may at the time
of retirement withdraw the member's accumulated contributions made
before July 1, 1979, or receive an annuity which shall be the
actuarial equivalent of the member's accumulated contributions at the
time of the member's retirement.
7. Notwithstanding subsections 1, 3, 4, 5, and 6 of this section,
an active or vested member may request in writing and receive from
the board of trustees, the member's accumulated contributions from
the annuity savings' fund at the discretion of the board of trustees
and remain eligible to receive benefits under section 97A.6.
However, a member with fifteen or more years of service prior to July
1, 1979, is not eligible for a service retirement allowance under
section 97A.6 if the member withdrew the member's accumulated
contributions from the annuity savings fund prior to July 1, 1979,
except as provided in section 97A.4. However, the board shall not
liquidate securities at a loss for the sole purpose of returning the
accumulated contributions to the members. All requested accumulated
contributions shall be returned prior to July 1, 1984.
8. The actuary shall annually determine the amount required in
the annuity reserve fund. If the amount required is less than the
amount in the annuity reserve fund, the board of trustees shall
transfer the excess funds from the annuity reserve fund to the
retirement fund. If the amount required is more than the amount in
the annuity reserve fund, the board of trustees shall transfer the
amount prescribed by the actuary to the annuity reserve fund from the
retirement fund.
97A.15 VESTED AND RETIRED MEMBERS BEFORE JULY 1, 1979
-- ANNUITY OR WITHDRAWAL OF CONTRIBUTIONS.
1. Members who became vested and terminated service prior to July
1, 1979, and members receiving an annuity from accumulated
contributions made prior to July 1, 1979, shall continue to receive
the benefits the member was entitled to under the provisions of this
chapter, as this chapter was effective on the date of the member's
retirement or vested termination.
2. For the purposes of this section:
a. "Accumulated contributions" means the sum of all amounts
deducted from the compensation of a member and credited to the
member's individual account in the annuity savings fund together with
regular interest thereon as provided in this subsection. Accumulated
contributions do not include any amount deducted from the
compensation of a member and credited to the retirement fund.
b. "Annuity" means annual payments for life derived from the
accumulated contributions of a member. All annuities shall be
payable in monthly installments.
c. "Annuity reserve" shall mean the present value of all
payments to be made on account of an annuity, or benefit in lieu of
an annuity, granted under the provisions of this chapter, upon the
basis of such mortality tables as shall be adopted by the board of
trustees, and regular interest.
d. "Annuity savings fund" means the account maintained by the
board of trustees in which the accumulated contributions of the
members were deposited prior to July 1, 1979, to provide for their
annuities.
e. "Annuity reserve fund" means the account maintained by the
board of trustees from which shall be paid all annuities and all
benefits in lieu of annuities payable as provided in this chapter as
this chapter was effective on June 30, 1978.
f. "Regular interest" means interest at the rate of four
percent per annum, compounded annually and credited to the member's
account as of the date of the member's retirement or termination from
employment.
g. "Member who became vested" and "vested member" mean a
member who has been a member of the retirement system four or more
years and is entitled to benefits under this chapter.
3. Beginning July 1, 1979, the board of trustees shall maintain
and invest funds in the annuity reserve fund and the annuity savings
fund which had been contributed by members prior to July 1, 1979.
Members receiving an annuity as a portion of their retirement or
disability benefits on June 30, 1979, shall continue to receive such
annuity from the annuity reserve fund maintained by the board of
trustees. Members receiving an annuity, if reemployed under service
covered by this chapter, shall cease to receive retirement benefits.
4. The accumulated contributions of a member withdrawn by the
member or paid to the member's estate or designated beneficiary in
the event of the member's death shall be paid from the annuity
savings fund account. Upon the retirement of a member, the member's
accumulated contributions shall be transferred from the annuity
savings fund to the annuity reserve fund.
5. A member of the retirement system prior to July 1, 1979, with
fifteen or more years of service whose employment was terminated
prior to retirement, other than by death or disability, is entitled
to receipt of the member's accumulated contributions upon retirement
together with other retirement benefits provided in the law on the
date of the member's retirement.
6. Any member in service prior to July 1, 1979, may at the time
of retirement withdraw the member's accumulated contributions made
before July 1, 1979, or receive an annuity which shall be the
actuarial equivalent of the member's accumulated contributions at the
time of the member's retirement.
7. Notwithstanding subsections 1, 3, 4, 5, and 6 of this section,
an active or vested member may request in writing and receive from
the board of trustees, the member's accumulated contributions from
the annuity savings' fund at the discretion of the board of trustees
and remain eligible to receive benefits under section 97A.6.
However, a member with fifteen or more years of service prior to July
1, 1979, is not eligible for a service retirement allowance under
section 97A.6 if the member withdrew the member's accumulated
contributions from the annuity savings fund prior to July 1, 1979,
except as provided in section 97A.4. However, the board shall not
liquidate securities at a loss for the sole purpose of returning the
accumulated contributions to the members. All requested accumulated
contributions shall be returned prior to July 1, 1984.
8. The actuary shall annually determine the amount required in
the annuity reserve fund. If the amount required is less than the
amount in the annuity reserve fund, the board of trustees shall
transfer the excess funds from the annuity reserve fund to the
retirement fund. If the amount required is more than the amount in
the annuity reserve fund, the board of trustees shall transfer the
amount prescribed by the actuary to the annuity reserve fund from the
retirement fund.
97A.15 VESTED AND RETIRED MEMBERS BEFORE JULY 1, 1979
-- ANNUITY OR WITHDRAWAL OF CONTRIBUTIONS.
1. Members who became vested and terminated service prior to July
1, 1979, and members receiving an annuity from accumulated
contributions made prior to July 1, 1979, shall continue to receive
the benefits the member was entitled to under the provisions of this
chapter, as this chapter was effective on the date of the member's
retirement or vested termination.
2. For the purposes of this section:
a. "Accumulated contributions" means the sum of all amounts
deducted from the compensation of a member and credited to the
member's individual account in the annuity savings fund together with
regular interest thereon as provided in this subsection. Accumulated
contributions do not include any amount deducted from the
compensation of a member and credited to the retirement fund.
b. "Annuity" means annual payments for life derived from the
accumulated contributions of a member. All annuities shall be
payable in monthly installments.
c. "Annuity reserve" shall mean the present value of all
payments to be made on account of an annuity, or benefit in lieu of
an annuity, granted under the provisions of this chapter, upon the
basis of such mortality tables as shall be adopted by the board of
trustees, and regular interest.
d. "Annuity savings fund" means the account maintained by the
board of trustees in which the accumulated contributions of the
members were deposited prior to July 1, 1979, to provide for their
annuities.
e. "Annuity reserve fund" means the account maintained by the
board of trustees from which shall be paid all annuities and all
benefits in lieu of annuities payable as provided in this chapter as
this chapter was effective on June 30, 1978.
f. "Regular interest" means interest at the rate of four
percent per annum, compounded annually and credited to the member's
account as of the date of the member's retirement or termination from
employment.
g. "Member who became vested" and "vested member" mean a
member who has been a member of the retirement system four or more
years and is entitled to benefits under this chapter.
3. Beginning July 1, 1979, the board of trustees shall maintain
and invest funds in the annuity reserve fund and the annuity savings
fund which had been contributed by members prior to July 1, 1979.
Members receiving an annuity as a portion of their retirement or
disability benefits on June 30, 1979, shall continue to receive such
annuity from the annuity reserve fund maintained by the board of
trustees. Members receiving an annuity, if reemployed under service
covered by this chapter, shall cease to receive retirement benefits.
4. The accumulated contributions of a member withdrawn by the
member or paid to the member's estate or designated beneficiary in
the event of the member's death shall be paid from the annuity
savings fund account. Upon the retirement of a member, the member's
accumulated contributions shall be transferred from the annuity
savings fund to the annuity reserve fund.
5. A member of the retirement system prior to July 1, 1979, with
fifteen or more years of service whose employment was terminated
prior to retirement, other than by death or disability, is entitled
to receipt of the member's accumulated contributions upon retirement
together with other retirement benefits provided in the law on the
date of the member's retirement.
6. Any member in service prior to July 1, 1979, may at the time
of retirement withdraw the member's accumulated contributions made
before July 1, 1979, or receive an annuity which shall be the
actuarial equivalent of the member's accumulated contributions at the
time of the member's retirement.
7. Notwithstanding subsections 1, 3, 4, 5, and 6 of this section,
an active or vested member may request in writing and receive from
the board of trustees, the member's accumulated contributions from
the annuity savings' fund at the discretion of the board of trustees
and remain eligible to receive benefits under section 97A.6.
However, a member with fifteen or more years of service prior to July
1, 1979, is not eligible for a service retirement allowance under
section 97A.6 if the member withdrew the member's accumulated
contributions from the annuity savings fund prior to July 1, 1979,
except as provided in section 97A.4. However, the board shall not
liquidate securities at a loss for the sole purpose of returning the
accumulated contributions to the members. All requested accumulated
contributions shall be returned prior to July 1, 1984.
8. The actuary shall annually determine the amount required in
the annuity reserve fund. If the amount required is less than the
amount in the annuity reserve fund, the board of trustees shall
transfer the excess funds from the annuity reserve fund to the
retirement fund. If the amount required is more than the amount in
the annuity reserve fund, the board of trustees shall transfer the
amount prescribed by the actuary to the annuity reserve fund from the
retirement fund.
