97A.5 ADMINISTRATION.
1. Board of trustees. A board of trustees of the Iowa
department of public safety peace officers' retirement, accident, and
disability system is created. The general responsibility for the
proper operation of the system is vested in the board of trustees.
The board of trustees is constituted as follows: The commissioner of
public safety, who is chairperson of the board; the treasurer of
state; an actively engaged member of the system, to be chosen by
secret ballot by the actively engaged members of the system; a
retired member of the system, to be chosen by secret ballot by the
retired members of the system; and a person appointed by the
governor. The person appointed by the governor shall be an executive
of a domestic life insurance company, an executive of a state or
national bank operating within the state of Iowa, or an executive in
the financial services industry, and shall be subject to confirmation
by the senate. The members of the system and the person appointed by
the governor shall serve for a term of two years.
2. Voting. Each trustee shall be entitled to one vote on
said board and three concurring votes shall be necessary for a
decision by the trustees on any question at any meeting of said
board.
3. Compensation. The trustees shall serve as such without
compensation, but they shall be reimbursed from the retirement fund
for all necessary expenses which they may incur through service on
the board.
4. Rules. The board of trustees shall, from time to time,
establish such rules not inconsistent with this chapter, for the
administration of the system and the retirement fund created by this
chapter and as may be necessary or appropriate for the transaction of
its business.
5. Staff. The department of public safety shall provide
administrative services to the board of trustees. Investments shall
be administered through the office of the treasurer of state.
6. Data -- records -- reports.a. The department of public safety shall keep in convenient
form the data necessary for the actuarial valuation of the system and
for checking the expense of the system. The commissioner of public
safety shall keep a record of all the acts and proceedings of the
board, which records shall be open to public inspection. The board
of trustees shall biennially make a report to the general assembly
showing the fiscal transactions of the system for the preceding
biennium, the amount of the accumulated cash and securities of the
system, and the last balance sheet showing the financial condition of
the system by means of an actuarial valuation of the assets and
liabilities of the system.
b. The commissioner of public safety shall maintain records,
including but not limited to names, addresses, ages, and lengths of
service, salaries and wages, contributions, designated beneficiaries,
benefit amounts, if applicable, and other information pertaining to
members as necessary in the administration of this chapter, as well
as the names, addresses, and benefit amounts of beneficiaries. For
the purpose of obtaining these facts, the commissioner of public
safety shall have access to the records of the various departments of
the state and the departments shall provide such information upon
request. Member and beneficiary records containing personal
information are not public records for the purposes of chapter 22.
However, summary information concerning the demographics of the
members and general statistical information concerning the system is
subject to chapter 22, as well as aggregate information by category.
7. Legal advisor. The attorney general of the state of Iowa
shall be the legal advisor for the board of trustees.
8. Medical board. The board of trustees shall designate a
single medical provider network as the medical board for the system.
The medical board shall arrange for and pass upon all medical
examinations required under the provisions of this chapter and shall
report in writing to the board of trustees, its conclusions and
recommendations upon all matters duly referred to it. For
examinations required because of disability, a physician from the
medical board specializing in occupational medicine, and a second
physician specializing in an appropriate field of medicine as
determined by the occupational medicine physician, shall pass upon
the medical examinations required for disability retirements and
shall report to the system in writing their conclusions and
recommendations upon all matters referred to the medical board. Each
report of a medical examination under section 97A.6, subsections 3
and 5, shall include the medical board's findings in accordance with
section 97A.6 as to the extent of the member's physical impairment.
9. Duties of actuary. The actuary hired by the board of
trustees shall be the technical advisor of the board of trustees on
matters regarding the operation of the retirement fund created by
this chapter and shall perform such other duties as are required in
connection therewith.
10. Tables -- rates. The actuary hired by the board of
trustees shall make such investigation of anticipated interest
earnings and of the mortality, service, and compensation experience
of the members of the system as the actuary recommends, and on the
basis of the investigation, the board of trustees shall adopt the
tables and the rates as are required in subsection 11 of this
section. The board of trustees shall adopt the rate of interest and
tables, and certify rates of contributions to be used by the system.
11. Actuarial investigation. At least once in each two-year
period, the actuary hired by the board of trustees shall make an
actuarial investigation in the mortality, service, and compensation
experience of the members and beneficiaries of the system, and the
interest and other earnings on the moneys and other assets of the
system, and shall make a valuation of the assets and liabilities of
the retirement fund of the system, and taking into account the
results of the investigation and valuation, the board of trustees
shall adopt for the system, upon recommendation of the system's
actuary, such actuarial methods and assumptions, interest rate, and
mortality and other tables as shall be deemed necessary to conduct
the actuarial valuation of the system.
12. Annual actuarial valuation.a. On the basis of the actuarial methods and assumptions,
rate of interest, and tables adopted by the board of trustees, the
actuary hired by the board of trustees shall make an annual actuarial
valuation of the assets and liabilities of the retirement fund
created by this chapter. As a result of the annual actuarial
valuation, the board of trustees shall certify the rates of
contribution payable by the state of Iowa in accordance with section
97A.8.
b. Effective with the fiscal year beginning July 1, 2008, the
annual actuarial valuation required to be conducted shall include
information as required by section 97D.5.
13. Requirements related to the Internal Revenue Code.a. As used in this subsection, unless the context otherwise
requires, "Internal Revenue Code" means the Internal Revenue Code
as defined in section 422.3.
b. The retirement fund established in section 97A.8 shall be
held in trust for the benefit of the members of the system and the
members' beneficiaries. No part of the corpus or income of the
retirement fund shall be used for, or diverted to, purposes other
than for the exclusive benefit of the members or the members'
beneficiaries or for expenses incurred in the operation of the
retirement fund. A person shall not have any interest in, or right
to, any part of the corpus or income of the retirement fund except as
otherwise expressly provided.
c. Notwithstanding any provision of this chapter to the
contrary, in the event of a complete discontinuance of contributions,
for reasons other than achieving fully funded status upon an
actuarially determined basis, or upon termination of the retirement
fund established in section 97A.8, a member shall be vested, to the
extent then funded, in the benefits which the member has accrued at
the date of the discontinuance or termination.
d. Benefits payable from the retirement fund established in
section 97A.8 to members and members' beneficiaries shall not be
increased due to forfeitures from other members. Forfeitures shall
be used as soon as possible to reduce future contributions by the
state to the retirement fund, except that the rate shall not be less
than the minimum rate established in section 97A.8.
e. Notwithstanding any provision of this chapter to the
contrary, a member's service retirement allowance shall commence on
or before the later of the following:
(1) April 1 of the calendar year following the calendar year in
which the member attains the age of seventy and one-half years.
(2) April 1 of the calendar year following the calendar year in
which the member retires.
f. The maximum annual benefit payable to a member by the
system shall be subject to the limitations set forth in section 415
of the Internal Revenue Code, and any regulations promulgated
pursuant to that section.
g. The annual compensation of a member taken in account for
any purpose under this chapter shall not exceed the applicable amount
set forth in section 401(a)(17) of the Internal Revenue Code, and any
regulations promulgated pursuant to that section.
14. Investment contracts. The board of trustees may execute
contracts and agreements with investment advisors, consultants, and
investment management and benefit consultant firms in the
administration of the retirement fund established in section 97A.8.
15. Liability. The department, the board of trustees, and
the treasurer of state are not personally liable for claims based
upon an act or omission of the person performed in the discharge of
the person's duties under this chapter, even if those actions or
omissions violate the standards established in section 97A.7, except
for acts or omissions which involve malicious or wanton misconduct.
97A.5 ADMINISTRATION.
1. Board of trustees. A board of trustees of the Iowa
department of public safety peace officers' retirement, accident, and
disability system is created. The general responsibility for the
proper operation of the system is vested in the board of trustees.
The board of trustees is constituted as follows: The commissioner of
public safety, who is chairperson of the board; the treasurer of
state; an actively engaged member of the system, to be chosen by
secret ballot by the actively engaged members of the system; a
retired member of the system, to be chosen by secret ballot by the
retired members of the system; and a person appointed by the
governor. The person appointed by the governor shall be an executive
of a domestic life insurance company, an executive of a state or
national bank operating within the state of Iowa, or an executive in
the financial services industry, and shall be subject to confirmation
by the senate. The members of the system and the person appointed by
the governor shall serve for a term of two years.
2. Voting. Each trustee shall be entitled to one vote on
said board and three concurring votes shall be necessary for a
decision by the trustees on any question at any meeting of said
board.
3. Compensation. The trustees shall serve as such without
compensation, but they shall be reimbursed from the retirement fund
for all necessary expenses which they may incur through service on
the board.
4. Rules. The board of trustees shall, from time to time,
establish such rules not inconsistent with this chapter, for the
administration of the system and the retirement fund created by this
chapter and as may be necessary or appropriate for the transaction of
its business.
5. Staff. The department of public safety shall provide
administrative services to the board of trustees. Investments shall
be administered through the office of the treasurer of state.
6. Data -- records -- reports.a. The department of public safety shall keep in convenient
form the data necessary for the actuarial valuation of the system and
for checking the expense of the system. The commissioner of public
safety shall keep a record of all the acts and proceedings of the
board, which records shall be open to public inspection. The board
of trustees shall biennially make a report to the general assembly
showing the fiscal transactions of the system for the preceding
biennium, the amount of the accumulated cash and securities of the
system, and the last balance sheet showing the financial condition of
the system by means of an actuarial valuation of the assets and
liabilities of the system.
b. The commissioner of public safety shall maintain records,
including but not limited to names, addresses, ages, and lengths of
service, salaries and wages, contributions, designated beneficiaries,
benefit amounts, if applicable, and other information pertaining to
members as necessary in the administration of this chapter, as well
as the names, addresses, and benefit amounts of beneficiaries. For
the purpose of obtaining these facts, the commissioner of public
safety shall have access to the records of the various departments of
the state and the departments shall provide such information upon
request. Member and beneficiary records containing personal
information are not public records for the purposes of chapter 22.
However, summary information concerning the demographics of the
members and general statistical information concerning the system is
subject to chapter 22, as well as aggregate information by category.
7. Legal advisor. The attorney general of the state of Iowa
shall be the legal advisor for the board of trustees.
8. Medical board. The board of trustees shall designate a
single medical provider network as the medical board for the system.
The medical board shall arrange for and pass upon all medical
examinations required under the provisions of this chapter and shall
report in writing to the board of trustees, its conclusions and
recommendations upon all matters duly referred to it. For
examinations required because of disability, a physician from the
medical board specializing in occupational medicine, and a second
physician specializing in an appropriate field of medicine as
determined by the occupational medicine physician, shall pass upon
the medical examinations required for disability retirements and
shall report to the system in writing their conclusions and
recommendations upon all matters referred to the medical board. Each
report of a medical examination under section 97A.6, subsections 3
and 5, shall include the medical board's findings in accordance with
section 97A.6 as to the extent of the member's physical impairment.
9. Duties of actuary. The actuary hired by the board of
trustees shall be the technical advisor of the board of trustees on
matters regarding the operation of the retirement fund created by
this chapter and shall perform such other duties as are required in
connection therewith.
10. Tables -- rates. The actuary hired by the board of
trustees shall make such investigation of anticipated interest
earnings and of the mortality, service, and compensation experience
of the members of the system as the actuary recommends, and on the
basis of the investigation, the board of trustees shall adopt the
tables and the rates as are required in subsection 11 of this
section. The board of trustees shall adopt the rate of interest and
tables, and certify rates of contributions to be used by the system.
11. Actuarial investigation. At least once in each two-year
period, the actuary hired by the board of trustees shall make an
actuarial investigation in the mortality, service, and compensation
experience of the members and beneficiaries of the system, and the
interest and other earnings on the moneys and other assets of the
system, and shall make a valuation of the assets and liabilities of
the retirement fund of the system, and taking into account the
results of the investigation and valuation, the board of trustees
shall adopt for the system, upon recommendation of the system's
actuary, such actuarial methods and assumptions, interest rate, and
mortality and other tables as shall be deemed necessary to conduct
the actuarial valuation of the system.
12. Annual actuarial valuation.a. On the basis of the actuarial methods and assumptions,
rate of interest, and tables adopted by the board of trustees, the
actuary hired by the board of trustees shall make an annual actuarial
valuation of the assets and liabilities of the retirement fund
created by this chapter. As a result of the annual actuarial
valuation, the board of trustees shall certify the rates of
contribution payable by the state of Iowa in accordance with section
97A.8.
b. Effective with the fiscal year beginning July 1, 2008, the
annual actuarial valuation required to be conducted shall include
information as required by section 97D.5.
13. Requirements related to the Internal Revenue Code.a. As used in this subsection, unless the context otherwise
requires, "Internal Revenue Code" means the Internal Revenue Code
as defined in section 422.3.
b. The retirement fund established in section 97A.8 shall be
held in trust for the benefit of the members of the system and the
members' beneficiaries. No part of the corpus or income of the
retirement fund shall be used for, or diverted to, purposes other
than for the exclusive benefit of the members or the members'
beneficiaries or for expenses incurred in the operation of the
retirement fund. A person shall not have any interest in, or right
to, any part of the corpus or income of the retirement fund except as
otherwise expressly provided.
c. Notwithstanding any provision of this chapter to the
contrary, in the event of a complete discontinuance of contributions,
for reasons other than achieving fully funded status upon an
actuarially determined basis, or upon termination of the retirement
fund established in section 97A.8, a member shall be vested, to the
extent then funded, in the benefits which the member has accrued at
the date of the discontinuance or termination.
d. Benefits payable from the retirement fund established in
section 97A.8 to members and members' beneficiaries shall not be
increased due to forfeitures from other members. Forfeitures shall
be used as soon as possible to reduce future contributions by the
state to the retirement fund, except that the rate shall not be less
than the minimum rate established in section 97A.8.
e. Notwithstanding any provision of this chapter to the
contrary, a member's service retirement allowance shall commence on
or before the later of the following:
(1) April 1 of the calendar year following the calendar year in
which the member attains the age of seventy and one-half years.
(2) April 1 of the calendar year following the calendar year in
which the member retires.
f. The maximum annual benefit payable to a member by the
system shall be subject to the limitations set forth in section 415
of the Internal Revenue Code, and any regulations promulgated
pursuant to that section.
g. The annual compensation of a member taken in account for
any purpose under this chapter shall not exceed the applicable amount
set forth in section 401(a)(17) of the Internal Revenue Code, and any
regulations promulgated pursuant to that section.
14. Investment contracts. The board of trustees may execute
contracts and agreements with investment advisors, consultants, and
investment management and benefit consultant firms in the
administration of the retirement fund established in section 97A.8.
15. Liability. The department, the board of trustees, and
the treasurer of state are not personally liable for claims based
upon an act or omission of the person performed in the discharge of
the person's duties under this chapter, even if those actions or
omissions violate the standards established in section 97A.7, except
for acts or omissions which involve malicious or wanton misconduct.
97A.5 ADMINISTRATION.
1. Board of trustees. A board of trustees of the Iowa
department of public safety peace officers' retirement, accident, and
disability system is created. The general responsibility for the
proper operation of the system is vested in the board of trustees.
The board of trustees is constituted as follows: The commissioner of
public safety, who is chairperson of the board; the treasurer of
state; an actively engaged member of the system, to be chosen by
secret ballot by the actively engaged members of the system; a
retired member of the system, to be chosen by secret ballot by the
retired members of the system; and a person appointed by the
governor. The person appointed by the governor shall be an executive
of a domestic life insurance company, an executive of a state or
national bank operating within the state of Iowa, or an executive in
the financial services industry, and shall be subject to confirmation
by the senate. The members of the system and the person appointed by
the governor shall serve for a term of two years.
2. Voting. Each trustee shall be entitled to one vote on
said board and three concurring votes shall be necessary for a
decision by the trustees on any question at any meeting of said
board.
3. Compensation. The trustees shall serve as such without
compensation, but they shall be reimbursed from the retirement fund
for all necessary expenses which they may incur through service on
the board.
4. Rules. The board of trustees shall, from time to time,
establish such rules not inconsistent with this chapter, for the
administration of the system and the retirement fund created by this
chapter and as may be necessary or appropriate for the transaction of
its business.
5. Staff. The department of public safety shall provide
administrative services to the board of trustees. Investments shall
be administered through the office of the treasurer of state.
6. Data -- records -- reports.a. The department of public safety shall keep in convenient
form the data necessary for the actuarial valuation of the system and
for checking the expense of the system. The commissioner of public
safety shall keep a record of all the acts and proceedings of the
board, which records shall be open to public inspection. The board
of trustees shall biennially make a report to the general assembly
showing the fiscal transactions of the system for the preceding
biennium, the amount of the accumulated cash and securities of the
system, and the last balance sheet showing the financial condition of
the system by means of an actuarial valuation of the assets and
liabilities of the system.
b. The commissioner of public safety shall maintain records,
including but not limited to names, addresses, ages, and lengths of
service, salaries and wages, contributions, designated beneficiaries,
benefit amounts, if applicable, and other information pertaining to
members as necessary in the administration of this chapter, as well
as the names, addresses, and benefit amounts of beneficiaries. For
the purpose of obtaining these facts, the commissioner of public
safety shall have access to the records of the various departments of
the state and the departments shall provide such information upon
request. Member and beneficiary records containing personal
information are not public records for the purposes of chapter 22.
However, summary information concerning the demographics of the
members and general statistical information concerning the system is
subject to chapter 22, as well as aggregate information by category.
7. Legal advisor. The attorney general of the state of Iowa
shall be the legal advisor for the board of trustees.
8. Medical board. The board of trustees shall designate a
single medical provider network as the medical board for the system.
The medical board shall arrange for and pass upon all medical
examinations required under the provisions of this chapter and shall
report in writing to the board of trustees, its conclusions and
recommendations upon all matters duly referred to it. For
examinations required because of disability, a physician from the
medical board specializing in occupational medicine, and a second
physician specializing in an appropriate field of medicine as
determined by the occupational medicine physician, shall pass upon
the medical examinations required for disability retirements and
shall report to the system in writing their conclusions and
recommendations upon all matters referred to the medical board. Each
report of a medical examination under section 97A.6, subsections 3
and 5, shall include the medical board's findings in accordance with
section 97A.6 as to the extent of the member's physical impairment.
9. Duties of actuary. The actuary hired by the board of
trustees shall be the technical advisor of the board of trustees on
matters regarding the operation of the retirement fund created by
this chapter and shall perform such other duties as are required in
connection therewith.
10. Tables -- rates. The actuary hired by the board of
trustees shall make such investigation of anticipated interest
earnings and of the mortality, service, and compensation experience
of the members of the system as the actuary recommends, and on the
basis of the investigation, the board of trustees shall adopt the
tables and the rates as are required in subsection 11 of this
section. The board of trustees shall adopt the rate of interest and
tables, and certify rates of contributions to be used by the system.
11. Actuarial investigation. At least once in each two-year
period, the actuary hired by the board of trustees shall make an
actuarial investigation in the mortality, service, and compensation
experience of the members and beneficiaries of the system, and the
interest and other earnings on the moneys and other assets of the
system, and shall make a valuation of the assets and liabilities of
the retirement fund of the system, and taking into account the
results of the investigation and valuation, the board of trustees
shall adopt for the system, upon recommendation of the system's
actuary, such actuarial methods and assumptions, interest rate, and
mortality and other tables as shall be deemed necessary to conduct
the actuarial valuation of the system.
12. Annual actuarial valuation.a. On the basis of the actuarial methods and assumptions,
rate of interest, and tables adopted by the board of trustees, the
actuary hired by the board of trustees shall make an annual actuarial
valuation of the assets and liabilities of the retirement fund
created by this chapter. As a result of the annual actuarial
valuation, the board of trustees shall certify the rates of
contribution payable by the state of Iowa in accordance with section
97A.8.
b. Effective with the fiscal year beginning July 1, 2008, the
annual actuarial valuation required to be conducted shall include
information as required by section 97D.5.
13. Requirements related to the Internal Revenue Code.a. As used in this subsection, unless the context otherwise
requires, "Internal Revenue Code" means the Internal Revenue Code
as defined in section 422.3.
b. The retirement fund established in section 97A.8 shall be
held in trust for the benefit of the members of the system and the
members' beneficiaries. No part of the corpus or income of the
retirement fund shall be used for, or diverted to, purposes other
than for the exclusive benefit of the members or the members'
beneficiaries or for expenses incurred in the operation of the
retirement fund. A person shall not have any interest in, or right
to, any part of the corpus or income of the retirement fund except as
otherwise expressly provided.
c. Notwithstanding any provision of this chapter to the
contrary, in the event of a complete discontinuance of contributions,
for reasons other than achieving fully funded status upon an
actuarially determined basis, or upon termination of the retirement
fund established in section 97A.8, a member shall be vested, to the
extent then funded, in the benefits which the member has accrued at
the date of the discontinuance or termination.
d. Benefits payable from the retirement fund established in
section 97A.8 to members and members' beneficiaries shall not be
increased due to forfeitures from other members. Forfeitures shall
be used as soon as possible to reduce future contributions by the
state to the retirement fund, except that the rate shall not be less
than the minimum rate established in section 97A.8.
e. Notwithstanding any provision of this chapter to the
contrary, a member's service retirement allowance shall commence on
or before the later of the following:
(1) April 1 of the calendar year following the calendar year in
which the member attains the age of seventy and one-half years.
(2) April 1 of the calendar year following the calendar year in
which the member retires.
f. The maximum annual benefit payable to a member by the
system shall be subject to the limitations set forth in section 415
of the Internal Revenue Code, and any regulations promulgated
pursuant to that section.
g. The annual compensation of a member taken in account for
any purpose under this chapter shall not exceed the applicable amount
set forth in section 401(a)(17) of the Internal Revenue Code, and any
regulations promulgated pursuant to that section.
14. Investment contracts. The board of trustees may execute
contracts and agreements with investment advisors, consultants, and
investment management and benefit consultant firms in the
administration of the retirement fund established in section 97A.8.
15. Liability. The department, the board of trustees, and
the treasurer of state are not personally liable for claims based
upon an act or omission of the person performed in the discharge of
the person's duties under this chapter, even if those actions or
omissions violate the standards established in section 97A.7, except
for acts or omissions which involve malicious or wanton misconduct.
