97B.49D HYBRID FORMULA.
1. An active or inactive vested member, who is or has been
employed in both special service and regular service, who retires on
or after July 1, 1996, with four or more completed years of service
and at the time of retirement is at least fifty-five years of age,
may elect to receive, in lieu of the receipt of a monthly retirement
allowance as calculated pursuant to sections 97B.49A through 97B.49C,
a combined monthly retirement allowance equal to the sum of the
following:
a. One-twelfth of an amount equal to the applicable
percentage of the member's three-year average covered wage multiplied
by a fraction of years of service. The fraction of years of service
for purposes of this paragraph shall be the actual years of service,
not to exceed thirty, for which regular service contributions were
made, divided by thirty. However, any otherwise applicable age
reduction for early retirement shall apply to the calculation under
this paragraph.
b. One-twelfth of an amount equal to the applicable
percentage of the member's three-year average covered wage multiplied
by a fraction of years of service. The fraction of years of service
for purposes of this paragraph shall be the actual years of service,
not to exceed the applicable years of service for the member as
defined in section 97B.49B, earned in a position described in section
97B.49B, for which special service contributions were made, divided
by the applicable years of service for the member as defined in
section 97B.49B. In calculating the fractions of years of service
under the paragraph, a member shall not receive special service
credit for years of service for which the member and the member's
employer did not make the required special service contributions to
the system.
c. One-twelfth of an amount equal to the applicable
percentage of the member's three-year average covered wage multiplied
by a fraction of years of service. The fraction of years of service
for purposes of this paragraph shall be the actual years of service,
not to exceed twenty-two, earned in a position described in section
97B.49C, for which special service contributions were made, divided
by twenty-two. In calculating the fractions of years of service
under this paragraph, a member shall not receive special service
credit for years of service for which the member and the member's
employer did not make the required special service contributions to
the system.
2. In calculating the combined monthly retirement allowance
pursuant to subsection 1, the sum of the fraction of years of service
provided in subsection 1, paragraphs "a", "b", and "c",
shall not exceed one. If the sum of the fractions of years of
service would exceed one, the system shall deduct years of service
first from the calculation under subsection 1, paragraph "a", and
then from the calculation under subsection 1, paragraph "b", if
necessary, so that the sum of the fractions of years of service shall
equal one.
3. In calculating the combined monthly retirement allowance
pursuant to subsection 1, the applicable percentage shall be sixty
percent plus, if applicable, an additional one- fourth of one
percentage point for each additional calendar quarter of membership
service in service as described in subsection 1, paragraph "a",
"b", or "c", beyond thirty years of service, not to exceed a
total of five additional percentage points. Any addition in the
percentage multiplier shall be included in the calculations required
under this section.
97B.49D HYBRID FORMULA.
1. An active or inactive vested member, who is or has been
employed in both special service and regular service, who retires on
or after July 1, 1996, with four or more completed years of service
and at the time of retirement is at least fifty-five years of age,
may elect to receive, in lieu of the receipt of a monthly retirement
allowance as calculated pursuant to sections 97B.49A through 97B.49C,
a combined monthly retirement allowance equal to the sum of the
following:
a. One-twelfth of an amount equal to the applicable
percentage of the member's three-year average covered wage multiplied
by a fraction of years of service. The fraction of years of service
for purposes of this paragraph shall be the actual years of service,
not to exceed thirty, for which regular service contributions were
made, divided by thirty. However, any otherwise applicable age
reduction for early retirement shall apply to the calculation under
this paragraph.
b. One-twelfth of an amount equal to the applicable
percentage of the member's three-year average covered wage multiplied
by a fraction of years of service. The fraction of years of service
for purposes of this paragraph shall be the actual years of service,
not to exceed the applicable years of service for the member as
defined in section 97B.49B, earned in a position described in section
97B.49B, for which special service contributions were made, divided
by the applicable years of service for the member as defined in
section 97B.49B. In calculating the fractions of years of service
under the paragraph, a member shall not receive special service
credit for years of service for which the member and the member's
employer did not make the required special service contributions to
the system.
c. One-twelfth of an amount equal to the applicable
percentage of the member's three-year average covered wage multiplied
by a fraction of years of service. The fraction of years of service
for purposes of this paragraph shall be the actual years of service,
not to exceed twenty-two, earned in a position described in section
97B.49C, for which special service contributions were made, divided
by twenty-two. In calculating the fractions of years of service
under this paragraph, a member shall not receive special service
credit for years of service for which the member and the member's
employer did not make the required special service contributions to
the system.
2. In calculating the combined monthly retirement allowance
pursuant to subsection 1, the sum of the fraction of years of service
provided in subsection 1, paragraphs "a", "b", and "c",
shall not exceed one. If the sum of the fractions of years of
service would exceed one, the system shall deduct years of service
first from the calculation under subsection 1, paragraph "a", and
then from the calculation under subsection 1, paragraph "b", if
necessary, so that the sum of the fractions of years of service shall
equal one.
3. In calculating the combined monthly retirement allowance
pursuant to subsection 1, the applicable percentage shall be sixty
percent plus, if applicable, an additional one- fourth of one
percentage point for each additional calendar quarter of membership
service in service as described in subsection 1, paragraph "a",
"b", or "c", beyond thirty years of service, not to exceed a
total of five additional percentage points. Any addition in the
percentage multiplier shall be included in the calculations required
under this section.
97B.49D HYBRID FORMULA.
1. An active or inactive vested member, who is or has been
employed in both special service and regular service, who retires on
or after July 1, 1996, with four or more completed years of service
and at the time of retirement is at least fifty-five years of age,
may elect to receive, in lieu of the receipt of a monthly retirement
allowance as calculated pursuant to sections 97B.49A through 97B.49C,
a combined monthly retirement allowance equal to the sum of the
following:
a. One-twelfth of an amount equal to the applicable
percentage of the member's three-year average covered wage multiplied
by a fraction of years of service. The fraction of years of service
for purposes of this paragraph shall be the actual years of service,
not to exceed thirty, for which regular service contributions were
made, divided by thirty. However, any otherwise applicable age
reduction for early retirement shall apply to the calculation under
this paragraph.
b. One-twelfth of an amount equal to the applicable
percentage of the member's three-year average covered wage multiplied
by a fraction of years of service. The fraction of years of service
for purposes of this paragraph shall be the actual years of service,
not to exceed the applicable years of service for the member as
defined in section 97B.49B, earned in a position described in section
97B.49B, for which special service contributions were made, divided
by the applicable years of service for the member as defined in
section 97B.49B. In calculating the fractions of years of service
under the paragraph, a member shall not receive special service
credit for years of service for which the member and the member's
employer did not make the required special service contributions to
the system.
c. One-twelfth of an amount equal to the applicable
percentage of the member's three-year average covered wage multiplied
by a fraction of years of service. The fraction of years of service
for purposes of this paragraph shall be the actual years of service,
not to exceed twenty-two, earned in a position described in section
97B.49C, for which special service contributions were made, divided
by twenty-two. In calculating the fractions of years of service
under this paragraph, a member shall not receive special service
credit for years of service for which the member and the member's
employer did not make the required special service contributions to
the system.
2. In calculating the combined monthly retirement allowance
pursuant to subsection 1, the sum of the fraction of years of service
provided in subsection 1, paragraphs "a", "b", and "c",
shall not exceed one. If the sum of the fractions of years of
service would exceed one, the system shall deduct years of service
first from the calculation under subsection 1, paragraph "a", and
then from the calculation under subsection 1, paragraph "b", if
necessary, so that the sum of the fractions of years of service shall
equal one.
3. In calculating the combined monthly retirement allowance
pursuant to subsection 1, the applicable percentage shall be sixty
percent plus, if applicable, an additional one- fourth of one
percentage point for each additional calendar quarter of membership
service in service as described in subsection 1, paragraph "a",
"b", or "c", beyond thirty years of service, not to exceed a
total of five additional percentage points. Any addition in the
percentage multiplier shall be included in the calculations required
under this section.
