97B.49E MINIMUM BENEFITS.
1. For each active member retiring on or after June 30, 1973, and
who has completed ten or more years of membership service, the total
amount of monthly benefit payable at the normal retirement date for
prior service and membership service shall not be less than fifty
dollars per month. If benefits commence on an early retirement date,
the amount of benefit shall be reduced in accordance with section
97B.50. If an optional allowance is selected under section 97B.51,
the amount payable shall be the actuarial equivalent of the minimum
benefit. An employee who is in employment on a school year or
academic year basis, will be considered to be an active member as of
June 30, 1973, if the employee completed the 1972-1973 school year or
academic year.
2. Effective January 1, 1997, for members who retired on or after
July 1, 1953, and before July 1, 1990, with at least ten years of
prior and membership service, the minimum monthly benefit payable at
the normal retirement date for prior and membership service shall be
two hundred dollars. The minimum monthly benefit payable shall be
increased by ten dollars for each year of prior and membership
service beyond ten years, up to a maximum of twenty additional years
of prior and membership service. If benefits commenced on an early
retirement date, the amount of the benefit shall be reduced in
accordance with section 97B.50. If an optional allowance was
selected under section 97B.51, the amount payable shall be the
actuarial equivalent of the minimum benefit.
Section History: Recent Form
98 Acts, ch 1183, §39
Referred to in § 97B.46, 97B.48, 97B.48A, 97B.50, 97B.51, 97B.53,
602.11115, 602.11116
97B.49E MINIMUM BENEFITS.
1. For each active member retiring on or after June 30, 1973, and
who has completed ten or more years of membership service, the total
amount of monthly benefit payable at the normal retirement date for
prior service and membership service shall not be less than fifty
dollars per month. If benefits commence on an early retirement date,
the amount of benefit shall be reduced in accordance with section
97B.50. If an optional allowance is selected under section 97B.51,
the amount payable shall be the actuarial equivalent of the minimum
benefit. An employee who is in employment on a school year or
academic year basis, will be considered to be an active member as of
June 30, 1973, if the employee completed the 1972-1973 school year or
academic year.
2. Effective January 1, 1997, for members who retired on or after
July 1, 1953, and before July 1, 1990, with at least ten years of
prior and membership service, the minimum monthly benefit payable at
the normal retirement date for prior and membership service shall be
two hundred dollars. The minimum monthly benefit payable shall be
increased by ten dollars for each year of prior and membership
service beyond ten years, up to a maximum of twenty additional years
of prior and membership service. If benefits commenced on an early
retirement date, the amount of the benefit shall be reduced in
accordance with section 97B.50. If an optional allowance was
selected under section 97B.51, the amount payable shall be the
actuarial equivalent of the minimum benefit.
Section History: Recent Form
98 Acts, ch 1183, §39
Referred to in § 97B.46, 97B.48, 97B.48A, 97B.50, 97B.51, 97B.53,
602.11115, 602.11116
97B.49E MINIMUM BENEFITS.
1. For each active member retiring on or after June 30, 1973, and
who has completed ten or more years of membership service, the total
amount of monthly benefit payable at the normal retirement date for
prior service and membership service shall not be less than fifty
dollars per month. If benefits commence on an early retirement date,
the amount of benefit shall be reduced in accordance with section
97B.50. If an optional allowance is selected under section 97B.51,
the amount payable shall be the actuarial equivalent of the minimum
benefit. An employee who is in employment on a school year or
academic year basis, will be considered to be an active member as of
June 30, 1973, if the employee completed the 1972-1973 school year or
academic year.
2. Effective January 1, 1997, for members who retired on or after
July 1, 1953, and before July 1, 1990, with at least ten years of
prior and membership service, the minimum monthly benefit payable at
the normal retirement date for prior and membership service shall be
two hundred dollars. The minimum monthly benefit payable shall be
increased by ten dollars for each year of prior and membership
service beyond ten years, up to a maximum of twenty additional years
of prior and membership service. If benefits commenced on an early
retirement date, the amount of the benefit shall be reduced in
accordance with section 97B.50. If an optional allowance was
selected under section 97B.51, the amount payable shall be the
actuarial equivalent of the minimum benefit.
Section History: Recent Form
98 Acts, ch 1183, §39
Referred to in § 97B.46, 97B.48, 97B.48A, 97B.50, 97B.51, 97B.53,
602.11115, 602.11116
