State Codes and Statutes
Statutes >
Iowa >
Title-3 >
Subtitle-3 >
Chapter-97a >
97a-16
97A.16 WITHDRAWAL OF CONTRIBUTIONS -- REPAYMENT.
1. Commencing July 1, 1990, if an active member, in service on or
after that date, terminates service, other than by death or
disability, the member may elect to withdraw the member's
contributions under section 97A.8, subsection 1, paragraphs "f"
and "h", together with interest thereon at a rate determined by
the board of trustees. If a member withdraws contributions as
provided in this section, the member shall be deemed to have waived
all claims for other benefits from the system for the period of
membership service for which the contributions are withdrawn.
2. A layoff for an indefinite period of time shall be deemed to
be a termination of service for the purposes of this section. A
member who withdraws the member's contributions as provided in this
section following a layoff for an indefinite period of time and who
is subsequently recalled to service may repay the contributions. The
contributions repaid by the member for such service shall be equal to
the amount of contributions withdrawn, plus interest computed based
upon the investment interest rate assumption established by the board
of trustees as of the time the contributions are repaid. However,
the member must make the contributions within two years of the date
of the member's return to service. The period of membership service
for which contributions are repaid shall be treated as though the
contributions were never withdrawn. Section History: Recent Form
90 Acts, ch 1240, § 14; 93 Acts, ch 44, § 2
Referred to in § 97A.6, 411.31
