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97a-17
97A.17 OPTIONAL TRANSFERS WITH CHAPTER 411.
1. For purposes of this section unless the context otherwise
requires:
a. "Average accrued benefit" means the average of the amounts
representing the present value of the accrued benefit earned by the
member determined by the former system and the present value of the
accrued benefit earned by the member determined by the current
system.
b. "Current system" means the eligible retirement system in
which a person has commenced employment covered by the system after
having terminated employment covered by the former system.
c. "Eligible retirement system" means the system created
under this chapter and the statewide fire and police retirement
system established in chapter 411.
d. "Former system" means the eligible retirement system in
which a person has terminated employment covered by the system prior
to commencing employment covered by the current system.
e. "Refund liability" means the amount the member may elect
to withdraw from the former system under section 411.23.
2. Commencing July 1, 1996, a vested member of an eligible
retirement system who terminates employment covered by one eligible
retirement system and, within one year, commences employment covered
by the other eligible retirement system may elect to transfer the
greater of the average accrued benefit or the refund liability earned
from the former system to the current system. The member shall file
an application with the current system for transfer of the greater of
the average accrued benefit or the refund liability within ninety
days of the commencement of employment with the current system.
3. Notwithstanding subsection 2, a vested member whose employment
with the current system commenced prior to July 1, 1996, may elect to
transfer the average accrued benefit earned under the former system
to the current system by filing an application with the current
system for transfer of the average accrued benefit on or before July
1, 1997.
4. Upon receipt of an application for transfer as provided in
this section, the current system shall calculate the average accrued
benefit and the refund liability and the former system shall transfer
to the current system assets in an amount equal to the greater of the
average accrued benefit or the refund liability. Once the transfer
is completed, the member's service under the former system shall be
treated as membership service under the current system for purposes
of this chapter and chapter 411. Section History: Recent Form
96 Acts, ch 1187, §98; 2002 Acts, ch 1135, §5, 6; 2004 Acts, ch
1103, §1--3
Referred to in § 97A.10
