97B.49A MONTHLY PAYMENTS OF ALLOWANCE -- GENERAL
CALCULATION.
1. Definitions. For the purposes of this section:
a. "Applicable percentage" means sixty percent or, for each
active or inactive vested member retiring on or after July 1, 1996,
sixty percent plus, if applicable, an additional one-fourth of one
percentage point for each additional calendar quarter of membership
and prior service beyond thirty years of service, not to exceed a
total of five additional percentage points.
b. "Fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service and
the number of years of prior service divided by thirty years.
2. Entitlement to monthly allowance. Each member, upon
retirement on or after the member's normal retirement date, is
entitled to receive a monthly retirement allowance determined under
this section. For an inactive vested member the monthly retirement
allowance shall be determined on the basis of this section and
section 97B.50 as they are in effect on the date of the member's
retirement.
3. Calculation of monthly allowance. For each active or
inactive vested member retiring on or after July 1, 1994, with four
or more complete years of service, a monthly benefit shall be
computed which is equal to one-twelfth of an amount equal to the
applicable percentage of the three-year average covered wage
multiplied by a fraction of years of service. However, if benefits
under this section commence on an early retirement date, the amount
of the benefit shall be reduced in accordance with section 97B.50.
4. Alternative calculations.a. For each active member employed before January 1, 1976,
and retiring on or after January 1, 1976, and for each member who was
a vested member before January 1, 1976, with four or more complete
years of service, a formula benefit shall be determined equal to the
larger of the benefit determined under this paragraph and paragraph
"b" of this subsection, as applicable, the benefit determined
under subsection 3, or the benefit determined under section 97B.49G,
subsection 1. The amount of the monthly formula benefit for each
such active or vested member who retired on or after January 1, 1976,
shall be equal to one-twelfth of one and fifty-seven hundredths
percent per year of membership service multiplied by the member's
average annual covered wages. In no case shall the amount of monthly
formula benefit accrued for membership service prior to July 1, 1967,
be less than the monthly annuity at the normal retirement date
determined by applying the sum of the member's accumulated
contributions, the member's employer's accumulated contributions on
or before June 30, 1967, and any retirement dividends standing to the
member's credit on or before December 31, 1966, to the annuity tables
in use by the system with due regard to the benefits payable from
such accumulated contributions under sections 97B.52 and 97B.53.
b. For each member employed before January 1, 1976, who has
qualified for prior service credit in accordance with the first
paragraph of section 97B.43, a formula benefit shall be determined
equal to the larger of the benefit determined under this paragraph
and paragraph "a" of this subsection, as applicable, the benefit
determined under subsection 3, or the benefit determined under
section 97B.49G, subsection 1. The amount of the monthly formula
benefit under this paragraph shall be equal to eight-tenths of one
percent per year of prior service credit multiplied by the monthly
rate of the member's total remuneration not in excess of three
thousand dollars annually during the twelve consecutive months of the
member's prior service for which that total remuneration was the
highest. An additional three-tenths of one percent of the
remuneration not in excess of three thousand dollars annually shall
be payable for prior service during each year in which the accrued
liability for benefit payments created by the abolished system is
funded by appropriation from the Iowa public employees' retirement
fund.
c. For each active and vested member retiring with less than
four complete years of service and who therefore cannot have a
benefit determined under the formula benefit of paragraph "a" or
"b" of this subsection, subsection 3, or section 97B.49G,
subsection 1, a monthly annuity for membership service shall be
determined by applying the member's accumulated contributions and the
employer's matching accumulated contributions as of the effective
retirement date and any retirement dividends standing to the member's
credit on or before December 31, 1966, to the annuity tables in use
by the system according to the member's age and contingent
annuitant's age, if applicable.
97B.49A MONTHLY PAYMENTS OF ALLOWANCE -- GENERAL
CALCULATION.
1. Definitions. For the purposes of this section:
a. "Applicable percentage" means sixty percent or, for each
active or inactive vested member retiring on or after July 1, 1996,
sixty percent plus, if applicable, an additional one-fourth of one
percentage point for each additional calendar quarter of membership
and prior service beyond thirty years of service, not to exceed a
total of five additional percentage points.
b. "Fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service and
the number of years of prior service divided by thirty years.
2. Entitlement to monthly allowance. Each member, upon
retirement on or after the member's normal retirement date, is
entitled to receive a monthly retirement allowance determined under
this section. For an inactive vested member the monthly retirement
allowance shall be determined on the basis of this section and
section 97B.50 as they are in effect on the date of the member's
retirement.
3. Calculation of monthly allowance. For each active or
inactive vested member retiring on or after July 1, 1994, with four
or more complete years of service, a monthly benefit shall be
computed which is equal to one-twelfth of an amount equal to the
applicable percentage of the three-year average covered wage
multiplied by a fraction of years of service. However, if benefits
under this section commence on an early retirement date, the amount
of the benefit shall be reduced in accordance with section 97B.50.
4. Alternative calculations.a. For each active member employed before January 1, 1976,
and retiring on or after January 1, 1976, and for each member who was
a vested member before January 1, 1976, with four or more complete
years of service, a formula benefit shall be determined equal to the
larger of the benefit determined under this paragraph and paragraph
"b" of this subsection, as applicable, the benefit determined
under subsection 3, or the benefit determined under section 97B.49G,
subsection 1. The amount of the monthly formula benefit for each
such active or vested member who retired on or after January 1, 1976,
shall be equal to one-twelfth of one and fifty-seven hundredths
percent per year of membership service multiplied by the member's
average annual covered wages. In no case shall the amount of monthly
formula benefit accrued for membership service prior to July 1, 1967,
be less than the monthly annuity at the normal retirement date
determined by applying the sum of the member's accumulated
contributions, the member's employer's accumulated contributions on
or before June 30, 1967, and any retirement dividends standing to the
member's credit on or before December 31, 1966, to the annuity tables
in use by the system with due regard to the benefits payable from
such accumulated contributions under sections 97B.52 and 97B.53.
b. For each member employed before January 1, 1976, who has
qualified for prior service credit in accordance with the first
paragraph of section 97B.43, a formula benefit shall be determined
equal to the larger of the benefit determined under this paragraph
and paragraph "a" of this subsection, as applicable, the benefit
determined under subsection 3, or the benefit determined under
section 97B.49G, subsection 1. The amount of the monthly formula
benefit under this paragraph shall be equal to eight-tenths of one
percent per year of prior service credit multiplied by the monthly
rate of the member's total remuneration not in excess of three
thousand dollars annually during the twelve consecutive months of the
member's prior service for which that total remuneration was the
highest. An additional three-tenths of one percent of the
remuneration not in excess of three thousand dollars annually shall
be payable for prior service during each year in which the accrued
liability for benefit payments created by the abolished system is
funded by appropriation from the Iowa public employees' retirement
fund.
c. For each active and vested member retiring with less than
four complete years of service and who therefore cannot have a
benefit determined under the formula benefit of paragraph "a" or
"b" of this subsection, subsection 3, or section 97B.49G,
subsection 1, a monthly annuity for membership service shall be
determined by applying the member's accumulated contributions and the
employer's matching accumulated contributions as of the effective
retirement date and any retirement dividends standing to the member's
credit on or before December 31, 1966, to the annuity tables in use
by the system according to the member's age and contingent
annuitant's age, if applicable.
97B.49A MONTHLY PAYMENTS OF ALLOWANCE -- GENERAL
CALCULATION.
1. Definitions. For the purposes of this section:
a. "Applicable percentage" means sixty percent or, for each
active or inactive vested member retiring on or after July 1, 1996,
sixty percent plus, if applicable, an additional one-fourth of one
percentage point for each additional calendar quarter of membership
and prior service beyond thirty years of service, not to exceed a
total of five additional percentage points.
b. "Fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service and
the number of years of prior service divided by thirty years.
2. Entitlement to monthly allowance. Each member, upon
retirement on or after the member's normal retirement date, is
entitled to receive a monthly retirement allowance determined under
this section. For an inactive vested member the monthly retirement
allowance shall be determined on the basis of this section and
section 97B.50 as they are in effect on the date of the member's
retirement.
3. Calculation of monthly allowance. For each active or
inactive vested member retiring on or after July 1, 1994, with four
or more complete years of service, a monthly benefit shall be
computed which is equal to one-twelfth of an amount equal to the
applicable percentage of the three-year average covered wage
multiplied by a fraction of years of service. However, if benefits
under this section commence on an early retirement date, the amount
of the benefit shall be reduced in accordance with section 97B.50.
4. Alternative calculations.a. For each active member employed before January 1, 1976,
and retiring on or after January 1, 1976, and for each member who was
a vested member before January 1, 1976, with four or more complete
years of service, a formula benefit shall be determined equal to the
larger of the benefit determined under this paragraph and paragraph
"b" of this subsection, as applicable, the benefit determined
under subsection 3, or the benefit determined under section 97B.49G,
subsection 1. The amount of the monthly formula benefit for each
such active or vested member who retired on or after January 1, 1976,
shall be equal to one-twelfth of one and fifty-seven hundredths
percent per year of membership service multiplied by the member's
average annual covered wages. In no case shall the amount of monthly
formula benefit accrued for membership service prior to July 1, 1967,
be less than the monthly annuity at the normal retirement date
determined by applying the sum of the member's accumulated
contributions, the member's employer's accumulated contributions on
or before June 30, 1967, and any retirement dividends standing to the
member's credit on or before December 31, 1966, to the annuity tables
in use by the system with due regard to the benefits payable from
such accumulated contributions under sections 97B.52 and 97B.53.
b. For each member employed before January 1, 1976, who has
qualified for prior service credit in accordance with the first
paragraph of section 97B.43, a formula benefit shall be determined
equal to the larger of the benefit determined under this paragraph
and paragraph "a" of this subsection, as applicable, the benefit
determined under subsection 3, or the benefit determined under
section 97B.49G, subsection 1. The amount of the monthly formula
benefit under this paragraph shall be equal to eight-tenths of one
percent per year of prior service credit multiplied by the monthly
rate of the member's total remuneration not in excess of three
thousand dollars annually during the twelve consecutive months of the
member's prior service for which that total remuneration was the
highest. An additional three-tenths of one percent of the
remuneration not in excess of three thousand dollars annually shall
be payable for prior service during each year in which the accrued
liability for benefit payments created by the abolished system is
funded by appropriation from the Iowa public employees' retirement
fund.
c. For each active and vested member retiring with less than
four complete years of service and who therefore cannot have a
benefit determined under the formula benefit of paragraph "a" or
"b" of this subsection, subsection 3, or section 97B.49G,
subsection 1, a monthly annuity for membership service shall be
determined by applying the member's accumulated contributions and the
employer's matching accumulated contributions as of the effective
retirement date and any retirement dividends standing to the member's
credit on or before December 31, 1966, to the annuity tables in use
by the system according to the member's age and contingent
annuitant's age, if applicable.
