97B.11 CONTRIBUTIONS BY EMPLOYER AND EMPLOYEE.
1. Each employer shall deduct from the wages of each member of
the retirement system a contribution in the amount of the applicable
employee percentage of the covered wages paid by the employer and
such additional amount if otherwise required by law, until the
member's termination from employment. The contributions of the
employer shall be in the amount of the applicable employer percentage
of the covered wages of the member and such additional amount if
otherwise required by law.
2. Prior to July 1, 2011, for purposes of this section, unless
the context otherwise requires:
a. "Applicable employee percentage" means the percentage rate
equal to three and seven-tenths percent plus forty percent of the
total additional percentage.
b. "Applicable employer percentage" means the percentage rate
equal to five and seventy-five hundredths percent plus sixty percent
of the total additional percentage.
c. "Total additional percentage" means for the fiscal period
beginning July 1, 2007, through June 30, 2011, the total additional
percentage for the prior fiscal year plus, only if the total
comparison percentage is greater than the total of the applicable
employee percentage and the applicable employer percentage for the
prior fiscal year, one-half percentage point.
d. "Total comparison percentage" means the percentage rate
that the system determines, based upon the most recent actuarial
valuation of the retirement system, would be sufficient to amortize
the unfunded actuarial liability of the retirement system in ten
years.
3. On and after July 1, 2011, for purposes of this section,
unless the context otherwise requires:
a. For members in regular service:
(1) "Applicable employee percentage" means the percentage
rate equal to forty percent of the required contribution rate for
members in regular service.
(2) "Applicable employer percentage" means the percentage
rate equal to sixty percent of the required contribution rate for
members in regular service.
b. For members in special service in a protection occupation
as described in section 97B.49B:
(1) "Applicable employee percentage" means the percentage
rate equal to forty percent of the required contribution rate for
members described in section 97B.49B.
(2) "Applicable employer percentage" means the percentage
rate equal to sixty percent of the required contribution rate for
members described in section 97B.49B.
c. For members in special service as a county sheriff or
deputy sheriff as described in section 97B.49C:
(1) "Applicable employee percentage" means the percentage
rate equal to fifty percent of the required contribution rate for
members described in section 97B.49C.
(2) "Applicable employer percentage" means the percentage
rate equal to fifty percent of the required contribution rate for
members described in section 97B.49C.
d. "Required contribution rate" means that percentage of the
covered wages of members in regular service, members described in
section 97B.49B, and members described in section 97B.49C, that the
system shall, for each fiscal year, separately set for members in
each membership category as provided in this paragraph. The required
contribution rate for a membership category shall be the contribution
rate the system actuarially determines, based upon the most recent
actuarial valuation of the system and using the actuarial methods,
assumptions, and funding policy approved by the investment board, is
the rate required by the system to discharge its liabilities as a
percentage of the covered wages of members in that membership
category. However, the required contribution rate set by the system
for a fiscal year shall not vary by more than one-half percentage
point from the required contribution rate for the prior fiscal year.
97B.11 CONTRIBUTIONS BY EMPLOYER AND EMPLOYEE.
1. Each employer shall deduct from the wages of each member of
the retirement system a contribution in the amount of the applicable
employee percentage of the covered wages paid by the employer and
such additional amount if otherwise required by law, until the
member's termination from employment. The contributions of the
employer shall be in the amount of the applicable employer percentage
of the covered wages of the member and such additional amount if
otherwise required by law.
2. Prior to July 1, 2011, for purposes of this section, unless
the context otherwise requires:
a. "Applicable employee percentage" means the percentage rate
equal to three and seven-tenths percent plus forty percent of the
total additional percentage.
b. "Applicable employer percentage" means the percentage rate
equal to five and seventy-five hundredths percent plus sixty percent
of the total additional percentage.
c. "Total additional percentage" means for the fiscal period
beginning July 1, 2007, through June 30, 2011, the total additional
percentage for the prior fiscal year plus, only if the total
comparison percentage is greater than the total of the applicable
employee percentage and the applicable employer percentage for the
prior fiscal year, one-half percentage point.
d. "Total comparison percentage" means the percentage rate
that the system determines, based upon the most recent actuarial
valuation of the retirement system, would be sufficient to amortize
the unfunded actuarial liability of the retirement system in ten
years.
3. On and after July 1, 2011, for purposes of this section,
unless the context otherwise requires:
a. For members in regular service:
(1) "Applicable employee percentage" means the percentage
rate equal to forty percent of the required contribution rate for
members in regular service.
(2) "Applicable employer percentage" means the percentage
rate equal to sixty percent of the required contribution rate for
members in regular service.
b. For members in special service in a protection occupation
as described in section 97B.49B:
(1) "Applicable employee percentage" means the percentage
rate equal to forty percent of the required contribution rate for
members described in section 97B.49B.
(2) "Applicable employer percentage" means the percentage
rate equal to sixty percent of the required contribution rate for
members described in section 97B.49B.
c. For members in special service as a county sheriff or
deputy sheriff as described in section 97B.49C:
(1) "Applicable employee percentage" means the percentage
rate equal to fifty percent of the required contribution rate for
members described in section 97B.49C.
(2) "Applicable employer percentage" means the percentage
rate equal to fifty percent of the required contribution rate for
members described in section 97B.49C.
d. "Required contribution rate" means that percentage of the
covered wages of members in regular service, members described in
section 97B.49B, and members described in section 97B.49C, that the
system shall, for each fiscal year, separately set for members in
each membership category as provided in this paragraph. The required
contribution rate for a membership category shall be the contribution
rate the system actuarially determines, based upon the most recent
actuarial valuation of the system and using the actuarial methods,
assumptions, and funding policy approved by the investment board, is
the rate required by the system to discharge its liabilities as a
percentage of the covered wages of members in that membership
category. However, the required contribution rate set by the system
for a fiscal year shall not vary by more than one-half percentage
point from the required contribution rate for the prior fiscal year.
97B.11 CONTRIBUTIONS BY EMPLOYER AND EMPLOYEE.
1. Each employer shall deduct from the wages of each member of
the retirement system a contribution in the amount of the applicable
employee percentage of the covered wages paid by the employer and
such additional amount if otherwise required by law, until the
member's termination from employment. The contributions of the
employer shall be in the amount of the applicable employer percentage
of the covered wages of the member and such additional amount if
otherwise required by law.
2. Prior to July 1, 2011, for purposes of this section, unless
the context otherwise requires:
a. "Applicable employee percentage" means the percentage rate
equal to three and seven-tenths percent plus forty percent of the
total additional percentage.
b. "Applicable employer percentage" means the percentage rate
equal to five and seventy-five hundredths percent plus sixty percent
of the total additional percentage.
c. "Total additional percentage" means for the fiscal period
beginning July 1, 2007, through June 30, 2011, the total additional
percentage for the prior fiscal year plus, only if the total
comparison percentage is greater than the total of the applicable
employee percentage and the applicable employer percentage for the
prior fiscal year, one-half percentage point.
d. "Total comparison percentage" means the percentage rate
that the system determines, based upon the most recent actuarial
valuation of the retirement system, would be sufficient to amortize
the unfunded actuarial liability of the retirement system in ten
years.
3. On and after July 1, 2011, for purposes of this section,
unless the context otherwise requires:
a. For members in regular service:
(1) "Applicable employee percentage" means the percentage
rate equal to forty percent of the required contribution rate for
members in regular service.
(2) "Applicable employer percentage" means the percentage
rate equal to sixty percent of the required contribution rate for
members in regular service.
b. For members in special service in a protection occupation
as described in section 97B.49B:
(1) "Applicable employee percentage" means the percentage
rate equal to forty percent of the required contribution rate for
members described in section 97B.49B.
(2) "Applicable employer percentage" means the percentage
rate equal to sixty percent of the required contribution rate for
members described in section 97B.49B.
c. For members in special service as a county sheriff or
deputy sheriff as described in section 97B.49C:
(1) "Applicable employee percentage" means the percentage
rate equal to fifty percent of the required contribution rate for
members described in section 97B.49C.
(2) "Applicable employer percentage" means the percentage
rate equal to fifty percent of the required contribution rate for
members described in section 97B.49C.
d. "Required contribution rate" means that percentage of the
covered wages of members in regular service, members described in
section 97B.49B, and members described in section 97B.49C, that the
system shall, for each fiscal year, separately set for members in
each membership category as provided in this paragraph. The required
contribution rate for a membership category shall be the contribution
rate the system actuarially determines, based upon the most recent
actuarial valuation of the system and using the actuarial methods,
assumptions, and funding policy approved by the investment board, is
the rate required by the system to discharge its liabilities as a
percentage of the covered wages of members in that membership
category. However, the required contribution rate set by the system
for a fiscal year shall not vary by more than one-half percentage
point from the required contribution rate for the prior fiscal year.
