97B.48A REEMPLOYMENT.
1. a. If a member who has not reached the member's
sixty-fifth birthday and who has a bona fide retirement under this
chapter is in regular full-time employment during a calendar year,
the member's retirement allowance shall be reduced by fifty cents for
each dollar the member earns over the limit provided in this
subsection. However, employment is not full-time employment until
the member receives remuneration in an amount in excess of thirty
thousand dollars for a calendar year, or an amount equal to the
amount of remuneration permitted for a calendar year for persons
under sixty-five years of age before a reduction in federal social
security retirement benefits is required, whichever is higher.
Effective the first of the month in which a member attains the age of
sixty-five years, a retired member may receive a retirement allowance
without a reduction after return to covered employment regardless of
the amount of remuneration received.
b. If a member dies and the full amount of the reduction from
retirement allowances required under this subsection has not been
paid, the remaining amounts shall be deducted from the payments made,
if any, to the member's designated beneficiary or contingent
annuitant. If the member has selected an option under which
remaining payments are not required or the remaining payments are
insufficient to satisfy the full amount of the reduction from
retirement allowances required under this subsection, the amount
still unpaid shall be a claim against the member's estate.
c. For purposes of this subsection and not for purposes of
determining a retiree's covered wages, remuneration paid on and after
July 1, 2007, includes noncovered contributions to a defined
contribution plan qualified under Internal Revenue Code section
401(a), a tax-deferred annuity qualified under Internal Revenue Code
section 403(b), an eligible deferred compensation plan qualified
under Internal Revenue Code section 457, or any other tax qualified
or nonqualified investment vehicle, that is provided by an employer
to a retiree who has been or will be reemployed in covered
employment.
2. Effective January 1, 1991, a retired member of any age may
receive a retirement allowance after return to covered employment,
regardless of the amount of remuneration received, if the covered
employment consists of holding an elective office.
3. Upon a retirement after reemployment, a retired member may
have the retired member's retirement allowance redetermined under
this section or section 97B.48, section 97B.50, or section 97B.51,
whichever is applicable, based upon the addition of credit for the
years of membership service of the employee after reemployment, the
covered wage during reemployment, and the age of the employee after
reemployment. The member shall receive a single retirement allowance
calculated from both periods of membership service, one based on the
initial retirement and one based on the second retirement following
reemployment. If the total years of membership service and prior
service of a member who has been reemployed equals or exceeds thirty,
the years of membership service on which the original retirement
allowance was based may be reduced by a fraction of the years of
service equal to the number of years by which the total years of
membership service and prior service exceeds thirty divided by
thirty, if this reduction in years of service will increase the total
retirement allowance of the member. The additional retirement
allowance calculated for the period of reemployment shall be added to
the retirement allowance calculated for the initial period of
membership service and prior service, adjusted as provided in this
subsection. The retirement allowance calculated for the initial
period of membership service and prior service shall not be adjusted
for any other factor than years of service. The retired member shall
not receive a retirement allowance based upon more than a total of
thirty years of service. Effective July 1, 1998, a redetermination
of a retirement allowance as authorized by this subsection for a
retired member whose combined service exceeds the applicable years of
service for that member as provided in sections 97B.49A through
97B.49G shall have the determination of the member's reemployment
benefit based upon the percentage multiplier as determined for that
member as provided in sections 97B.49A through 97B.49G.
4. The system shall pay to the member the accumulated
contributions of the member and all of the employer contributions,
plus interest plus interest dividends as provided in section 97B.70,
for all completed calendar years, compounded as provided in section
97B.70, on the covered wages earned by a retired member that are not
used in the recalculation of the retirement allowance of a member. A
payment of contributions to a member pursuant to this subsection
shall be considered a retirement payment and not a refund and the
member shall not be eligible to buy back the period of reemployment
service.
5. If a retired reemployed member incurs a break in service, as
defined in this subsection, and the member has failed to request an
increase in the member's monthly allowance or a distribution of the
member's and employer's accumulated contributions prior to the break
in service, and if the amount of the increase in the member's monthly
retirement allowance would be less than six hundred dollars per year,
the system shall distribute the lump sum amount payable under
subsection 4. For purposes of this subsection, a "break in
service" means four consecutive calendar quarters in which no wages
are reported to the system. The lump sum payment shall be made
within one hundred eighty days after the calendar quarter in which
the member has a break in service. A member who receives a mandatory
distribution under this subsection shall have sixty days to return
the distribution to the system and request an increase in the
member's monthly allowance.
97B.48A REEMPLOYMENT.
1. a. If a member who has not reached the member's
sixty-fifth birthday and who has a bona fide retirement under this
chapter is in regular full-time employment during a calendar year,
the member's retirement allowance shall be reduced by fifty cents for
each dollar the member earns over the limit provided in this
subsection. However, employment is not full-time employment until
the member receives remuneration in an amount in excess of thirty
thousand dollars for a calendar year, or an amount equal to the
amount of remuneration permitted for a calendar year for persons
under sixty-five years of age before a reduction in federal social
security retirement benefits is required, whichever is higher.
Effective the first of the month in which a member attains the age of
sixty-five years, a retired member may receive a retirement allowance
without a reduction after return to covered employment regardless of
the amount of remuneration received.
b. If a member dies and the full amount of the reduction from
retirement allowances required under this subsection has not been
paid, the remaining amounts shall be deducted from the payments made,
if any, to the member's designated beneficiary or contingent
annuitant. If the member has selected an option under which
remaining payments are not required or the remaining payments are
insufficient to satisfy the full amount of the reduction from
retirement allowances required under this subsection, the amount
still unpaid shall be a claim against the member's estate.
c. For purposes of this subsection and not for purposes of
determining a retiree's covered wages, remuneration paid on and after
July 1, 2007, includes noncovered contributions to a defined
contribution plan qualified under Internal Revenue Code section
401(a), a tax-deferred annuity qualified under Internal Revenue Code
section 403(b), an eligible deferred compensation plan qualified
under Internal Revenue Code section 457, or any other tax qualified
or nonqualified investment vehicle, that is provided by an employer
to a retiree who has been or will be reemployed in covered
employment.
2. Effective January 1, 1991, a retired member of any age may
receive a retirement allowance after return to covered employment,
regardless of the amount of remuneration received, if the covered
employment consists of holding an elective office.
3. Upon a retirement after reemployment, a retired member may
have the retired member's retirement allowance redetermined under
this section or section 97B.48, section 97B.50, or section 97B.51,
whichever is applicable, based upon the addition of credit for the
years of membership service of the employee after reemployment, the
covered wage during reemployment, and the age of the employee after
reemployment. The member shall receive a single retirement allowance
calculated from both periods of membership service, one based on the
initial retirement and one based on the second retirement following
reemployment. If the total years of membership service and prior
service of a member who has been reemployed equals or exceeds thirty,
the years of membership service on which the original retirement
allowance was based may be reduced by a fraction of the years of
service equal to the number of years by which the total years of
membership service and prior service exceeds thirty divided by
thirty, if this reduction in years of service will increase the total
retirement allowance of the member. The additional retirement
allowance calculated for the period of reemployment shall be added to
the retirement allowance calculated for the initial period of
membership service and prior service, adjusted as provided in this
subsection. The retirement allowance calculated for the initial
period of membership service and prior service shall not be adjusted
for any other factor than years of service. The retired member shall
not receive a retirement allowance based upon more than a total of
thirty years of service. Effective July 1, 1998, a redetermination
of a retirement allowance as authorized by this subsection for a
retired member whose combined service exceeds the applicable years of
service for that member as provided in sections 97B.49A through
97B.49G shall have the determination of the member's reemployment
benefit based upon the percentage multiplier as determined for that
member as provided in sections 97B.49A through 97B.49G.
4. The system shall pay to the member the accumulated
contributions of the member and all of the employer contributions,
plus interest plus interest dividends as provided in section 97B.70,
for all completed calendar years, compounded as provided in section
97B.70, on the covered wages earned by a retired member that are not
used in the recalculation of the retirement allowance of a member. A
payment of contributions to a member pursuant to this subsection
shall be considered a retirement payment and not a refund and the
member shall not be eligible to buy back the period of reemployment
service.
5. If a retired reemployed member incurs a break in service, as
defined in this subsection, and the member has failed to request an
increase in the member's monthly allowance or a distribution of the
member's and employer's accumulated contributions prior to the break
in service, and if the amount of the increase in the member's monthly
retirement allowance would be less than six hundred dollars per year,
the system shall distribute the lump sum amount payable under
subsection 4. For purposes of this subsection, a "break in
service" means four consecutive calendar quarters in which no wages
are reported to the system. The lump sum payment shall be made
within one hundred eighty days after the calendar quarter in which
the member has a break in service. A member who receives a mandatory
distribution under this subsection shall have sixty days to return
the distribution to the system and request an increase in the
member's monthly allowance.
97B.48A REEMPLOYMENT.
1. a. If a member who has not reached the member's
sixty-fifth birthday and who has a bona fide retirement under this
chapter is in regular full-time employment during a calendar year,
the member's retirement allowance shall be reduced by fifty cents for
each dollar the member earns over the limit provided in this
subsection. However, employment is not full-time employment until
the member receives remuneration in an amount in excess of thirty
thousand dollars for a calendar year, or an amount equal to the
amount of remuneration permitted for a calendar year for persons
under sixty-five years of age before a reduction in federal social
security retirement benefits is required, whichever is higher.
Effective the first of the month in which a member attains the age of
sixty-five years, a retired member may receive a retirement allowance
without a reduction after return to covered employment regardless of
the amount of remuneration received.
b. If a member dies and the full amount of the reduction from
retirement allowances required under this subsection has not been
paid, the remaining amounts shall be deducted from the payments made,
if any, to the member's designated beneficiary or contingent
annuitant. If the member has selected an option under which
remaining payments are not required or the remaining payments are
insufficient to satisfy the full amount of the reduction from
retirement allowances required under this subsection, the amount
still unpaid shall be a claim against the member's estate.
c. For purposes of this subsection and not for purposes of
determining a retiree's covered wages, remuneration paid on and after
July 1, 2007, includes noncovered contributions to a defined
contribution plan qualified under Internal Revenue Code section
401(a), a tax-deferred annuity qualified under Internal Revenue Code
section 403(b), an eligible deferred compensation plan qualified
under Internal Revenue Code section 457, or any other tax qualified
or nonqualified investment vehicle, that is provided by an employer
to a retiree who has been or will be reemployed in covered
employment.
2. Effective January 1, 1991, a retired member of any age may
receive a retirement allowance after return to covered employment,
regardless of the amount of remuneration received, if the covered
employment consists of holding an elective office.
3. Upon a retirement after reemployment, a retired member may
have the retired member's retirement allowance redetermined under
this section or section 97B.48, section 97B.50, or section 97B.51,
whichever is applicable, based upon the addition of credit for the
years of membership service of the employee after reemployment, the
covered wage during reemployment, and the age of the employee after
reemployment. The member shall receive a single retirement allowance
calculated from both periods of membership service, one based on the
initial retirement and one based on the second retirement following
reemployment. If the total years of membership service and prior
service of a member who has been reemployed equals or exceeds thirty,
the years of membership service on which the original retirement
allowance was based may be reduced by a fraction of the years of
service equal to the number of years by which the total years of
membership service and prior service exceeds thirty divided by
thirty, if this reduction in years of service will increase the total
retirement allowance of the member. The additional retirement
allowance calculated for the period of reemployment shall be added to
the retirement allowance calculated for the initial period of
membership service and prior service, adjusted as provided in this
subsection. The retirement allowance calculated for the initial
period of membership service and prior service shall not be adjusted
for any other factor than years of service. The retired member shall
not receive a retirement allowance based upon more than a total of
thirty years of service. Effective July 1, 1998, a redetermination
of a retirement allowance as authorized by this subsection for a
retired member whose combined service exceeds the applicable years of
service for that member as provided in sections 97B.49A through
97B.49G shall have the determination of the member's reemployment
benefit based upon the percentage multiplier as determined for that
member as provided in sections 97B.49A through 97B.49G.
4. The system shall pay to the member the accumulated
contributions of the member and all of the employer contributions,
plus interest plus interest dividends as provided in section 97B.70,
for all completed calendar years, compounded as provided in section
97B.70, on the covered wages earned by a retired member that are not
used in the recalculation of the retirement allowance of a member. A
payment of contributions to a member pursuant to this subsection
shall be considered a retirement payment and not a refund and the
member shall not be eligible to buy back the period of reemployment
service.
5. If a retired reemployed member incurs a break in service, as
defined in this subsection, and the member has failed to request an
increase in the member's monthly allowance or a distribution of the
member's and employer's accumulated contributions prior to the break
in service, and if the amount of the increase in the member's monthly
retirement allowance would be less than six hundred dollars per year,
the system shall distribute the lump sum amount payable under
subsection 4. For purposes of this subsection, a "break in
service" means four consecutive calendar quarters in which no wages
are reported to the system. The lump sum payment shall be made
within one hundred eighty days after the calendar quarter in which
the member has a break in service. A member who receives a mandatory
distribution under this subsection shall have sixty days to return
the distribution to the system and request an increase in the
member's monthly allowance.
