97B.49G MONTHLY PAYMENTS OF ALLOWANCE --
MISCELLANEOUS PROVISIONS.
1. Monthly payments of allowance -- percentage multiplier.a. For each active or inactive vested member retiring on or
after July 1, 1986, and before 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 multiplier of the three-year average covered wage
multiplied by a fraction of years of service.
b. The applicable percentage multiplier for purposes of this
subsection shall be the following:
(1) For active or inactive vested members retiring on or after
July 1, 1986, but before July 1, 1990, fifty percent.
(2) For active or inactive vested members retiring on or after
July 1, 1990, but before July 1, 1991, fifty-two percent.
(3) For active or inactive vested members retiring on or after
July 1, 1991, but before July 1, 1992, fifty-four percent.
(4) For active or inactive vested members retiring on or after
July 1, 1992, but before July 1, 1993, fifty-six percent.
(5) For active or inactive vested members retiring on or after
July 1, 1993, but before July 1, 1994, fifty-seven and four-tenths
percent.
(6) For active or inactive vested members retiring on or after
July 1, 1994, sixty percent.
c. For purposes of this subsection, 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. Extra payments on allowance -- pre-1976 retirees.a. (1) On January 1, 1976, for each member who retired before
January 1, 1976, the amount of regular monthly retirement allowance
attributable to membership service and prior service that was payable
to the member for December 1975 is increased by ten percent for the
first calendar year or portion of a calendar year the member was
retired, and by an additional five percent for each calendar year
after the first calendar year the member was retired through the
calendar year beginning January 1, 1975. The total increase shall
not exceed one hundred percent. Effective July 1, 1987, there is
appropriated for each fiscal year from the Iowa public employees'
retirement fund created in section 97B.7 to the system from funds not
otherwise appropriated an amount sufficient to fund the monthly
retirement allowance increases paid under this paragraph.
(2) The benefit increases granted to members retired under the
retirement system on January 1, 1976, shall be granted only on
January 1, 1976, and shall not be further increased for any year in
which the member was retired after the calendar year beginning
January 1, 1975.
b. (1) Effective July 1, 1978, for each member who retired
from the retirement system prior to January 1, 1976, the amount of
regular monthly retirement allowance attributable to membership
service and prior service that was payable to the member for June
1978 is increased as follows:
(a) For the first ten years of service, fifty cents per month for
each complete year of service.
(b) For the eleventh through the twentieth years of service, two
dollars per month for each complete year of service.
(c) For the twenty-first through the thirtieth years of service,
three dollars per month for each complete year of service.
(2) Effective July 1, 1979, the increases granted to members
under this paragraph "b" shall be paid to contingent annuitants
and to beneficiaries.
3. Extra payments on allowance.a. (1) Effective July 1, 1980, for each member who retired
from the retirement system prior to January 1, 1976, and for each
member who retired from the retirement system on or after January 1,
1976, under section 97B.49A, subsection 4, the amount of regular
monthly retirement allowance attributable to membership service and
prior service that was payable to the member for June 1980 is
increased as follows:
(a) For the first ten years of service, fifty cents per month for
each complete year of service.
(b) For the eleventh through the twentieth years of service, one
dollar per month for each complete year of service.
(c) For the twenty-first through the thirtieth years of service,
one dollar and fifty cents per month for each complete year of
service.
(d) The amount of monthly increase payable to a member under this
paragraph is also payable to a beneficiary and a contingent annuitant
and shall be reduced by an amount based upon the actuarial equivalent
of the option selected in section 97B.51 or section 97B.52 compared
to the full monthly benefit provided in this section or section
97B.49A, as applicable.
(2) However, effective July 1, 1980, the monthly retirement
allowance attributable to membership service and prior service of a
member, contingent annuitant, and beneficiary shall not be less than
five dollars times the number of complete years of service of the
member, not to exceed thirty, reduced by an amount based upon the
actuarial equivalent of the option selected in section 97B.51 or
section 97B.52, compared to the full monthly retirement benefit
provided in this section or section 97B.49A, as applicable.
b. Effective beginning July 1, 1982, for each member who
retired from the retirement system prior to January 1, 1976, and for
each member who retired from the retirement system on or after
January 1, 1976, under section 97B.49A, subsection 4, the amount of
regular monthly retirement allowance attributable to membership
service and prior service that was payable to the member for June
1982 is increased as follows:
(1) For the first ten years of service, fifty cents per month for
each complete year of service.
(2) For the eleventh through the twentieth years of service, one
dollar per month for each complete year of service.
(3) For the twenty-first through the thirtieth years of service,
one dollar and fifty cents per month for each complete year of
service.
(4) The amount of monthly increase payable to a member under this
paragraph is also payable to a beneficiary and a contingent annuitant
and shall be reduced by an amount based upon the actuarial equivalent
of the option selected in section 97B.51 or section 97B.52 compared
to the full monthly benefit provided in this section or section
97B.49A, as applicable.
c. Beginning January 1, 1999, for each member who retired
from the retirement system prior to July 1, 1986, the amount of
regular monthly retirement allowance attributable to membership and
prior service that was payable to the member, or the beneficiary or
contingent annuitant of the member, for December 1998 shall be
increased by fifteen percent.
d. Beginning January 1, 1999, for each member who retired
from the retirement system on or after July 1, 1986, but before July
1, 1990, the amount of regular monthly retirement allowance
attributable to membership and prior service that was payable to the
member, or the beneficiary or contingent annuitant of the member, for
December 1998 shall be increased by seven percent.
4. Normal retirement dates. A retired member shall be deemed
to have retired on the member's normal retirement date, and
retirement benefits calculated shall not be reduced pursuant to
section 97B.50, if the member meets any of the following
requirements:
a. The member is an active or inactive vested member retiring
on or after July 1, 1988, and before July 1, 1990, who is at least
fifty-five years of age and has completed at least thirty years of
membership service and prior service, and for which the sum of the
number of years of membership service and prior service and the
member's age in years as of the member's last birthday equals or
exceeds ninety-two.
b. The member is an active or inactive vested member retiring
on or after July 1, 1990, and before July 1, 1996, who is at least
fifty-five years of age and for which the sum of the number of years
of membership service and prior service and the member's age in years
as of the member's last birthday equals or exceeds ninety-two.
c. The member is an active or inactive vested member retiring
on or after July 1, 1996, and before July 1, 1997, who is at least
fifty-five years of age and for which the sum of the number of years
of membership service and prior service and the member's age in years
as of the member's last birthday equals or exceeds ninety.
d. The member is an active or inactive vested member retiring
on or after July 1, 1986, and before January 1, 1999, who is at least
sixty-two years of age and who has completed thirty years of
membership service.
5. Dividends -- November 1996.a. Each member who retired from the retirement system between
July 4, 1953, and December 31, 1975, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to two hundred
ninety-two percent of the monthly benefit payment the member received
for the preceding June, or the most recently received benefit
payment, whichever is greater. The retirement dividend does not
affect the amount of a monthly benefit payment.
b. A member who retired from the retirement system between
January 1, 1976, and June 30, 1982, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to two hundred
twenty-three percent of the monthly benefit payment the member
received for the preceding June, or the most recently received
benefit payment, whichever is greater. The retirement dividend does
not affect the amount of a monthly benefit payment.
c. A member who retired from the retirement system between
July 1, 1982, and June 30, 1986, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to seventy-four
percent of the monthly benefit payment the member received for the
preceding June, or the most recently received benefit payment,
whichever is greater. The retirement dividend does not affect the
amount of a monthly benefit payment.
d. A member who retired from the retirement system between
July 1, 1986, and June 30, 1990, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to twenty-four
percent of the monthly benefit payment the member received for the
preceding June, or the most recently received benefit payment,
whichever is greater. The retirement dividend does not affect the
amount of a monthly benefit payment.
e. Notwithstanding the determination of the amount of a
retirement dividend under this subsection, a retirement dividend
shall not be less than twenty-five dollars.
6. Conservation peace officer -- July 1986--July 1988.a. Notwithstanding other provisions of this chapter, a member
who is or has been employed as a conservation peace officer under
section 456A.13 and who retires on or after July 1, 1986, and before
July 1, 1988, and at the time of retirement is at least sixty years
of age and has completed at least twenty-five years of membership
service as a conservation peace officer, may elect to receive, in
lieu of the receipt of any benefits under subsection 1 or section
97B.49A, as applicable, a monthly retirement allowance equal to
one-twelfth of fifty percent of the member's three-year average
covered wage as a conservation peace officer, with benefits payable
during the member's lifetime.
b. (1) A conservation peace officer who retires on or after
July 1, 1986, and before July 1, 1988, and has not completed
twenty-five years of membership service as required under this
subsection is eligible to receive a monthly retirement allowance
equal to one-twelfth of fifty percent of the member's three-year
average covered wage as a conservation peace officer, multiplied by a
fraction of years of service as a conservation peace officer. For
the purpose of this subsection, "fraction of years of service"
means a number, not to exceed one, equal to the sum of the years of
membership service as a conservation peace officer, divided by
twenty-five years. On or after July 1, 1986, but before July 1,
1988, if the conservation peace officer has not reached sixty years
of age at retirement, the monthly retirement allowance shall be
reduced by five-tenths of one percent per month for each month that
the conservation peace officer's retirement precedes the date on
which the conservation peace officer attains sixty years of age.
(2) The annual contribution necessary to pay for the additional
benefits provided in this paragraph shall be paid by the employer and
employee in the same proportion that employer and employee
contributions are made under section 97B.11.
c. There is appropriated from the state fish and game
protection fund to the system an actuarially determined amount
calculated by the Iowa public employees' retirement system sufficient
to pay for the additional benefits to conservation peace officers
provided by this subsection, as a percentage, in paragraph "a"
and for the employer portion of the benefits provided in paragraph
"b". The amount is in addition to the contribution paid by the
employer under section 97B.11. The cost of the benefits relating to
fish and wildlife conservation peace officers within the department
of natural resources shall be paid from the state fish and game
protection fund and the cost of the benefits relating to the other
conservation peace officers of the department shall be paid from the
general fund.
7. Peace officer -- July 1986--July 1988.a. (1) Notwithstanding other provisions of this chapter, a
member who is or has been employed as a peace officer and who retires
on or after July 1, 1986, and before July 1, 1988, and at the time of
retirement is at least sixty years of age and has completed at least
twenty-five years of membership service as a peace officer, may elect
to receive, in lieu of the benefits under subsection 1 or section
97B.49A, subsection 4, as applicable, a monthly retirement allowance
equal to one-twelfth of fifty percent of the member's three-year
average covered wage as a peace officer, with benefits payable during
the member's lifetime.
(2) A peace officer who retires on or after July 1, 1986, and
before July 1, 1988, and has not completed twenty-five years of
membership service as required under this subsection is eligible to
receive a monthly retirement allowance equal to one-twelfth of fifty
percent of the member's three-year average covered wage as a peace
officer multiplied by the fraction of years of service as a peace
officer. For the purpose of this subsection, "fraction of years of
service" means a number, not to exceed one, equal to the sum of the
years of membership service as a peace officer, divided by
twenty-five years. On or after July 1, 1984, but before July 1,
1988, if the peace officer has not reached sixty years of age at
retirement, the monthly retirement allowance shall be reduced by
five-tenths of one percent per month for each month that the peace
officer's retirement precedes the date on which the peace officer
attains sixty years of age.
(3) For the purpose of this subsection, membership service as a
peace officer means service under this retirement system as any or
all of the following:
(a) As a county sheriff as defined in section 39.17.
(b) As a deputy sheriff appointed pursuant to section 341.1, Code
1981, or section 331.903.
(c) As a marshal or police officer in a city not covered under
chapter 400.
b. Each county and applicable city and employee eligible for
benefits under this subsection shall annually contribute an amount
determined by the system, as a percentage of covered wages, to be
necessary to pay for the additional benefits provided by this
subsection. The annual contribution in excess of the employer and
employee contributions required by this chapter shall be paid by the
employer and the employee in the same proportion that employer and
employee contributions are made under section 97B.11. The additional
percentage of covered wages shall be calculated separately by the
system for service under paragraph "a", subparagraphs (1) and
(2), and for service under paragraph "a", subparagraph (3), and
each shall be an actuarially determined amount for that type of
service which, if contributed throughout the entire period of active
service, would be sufficient to provide the pension benefit provided
in this subsection.
8. Correctional officer -- July 1986--July 1988.a. Notwithstanding sections of this chapter relating to
eligibility for and determination of retirement benefits, a vested
member who is or has been employed as a correctional officer by the
Iowa department of corrections and who retires on or after July 1,
1986, and before July 1, 1988, and at the time of retirement is at
least sixty years of age and has completed at least thirty years of
membership service as a correctional officer, may elect to receive,
in lieu of the receipt of benefits under subsection 1 or section
97B.49A, subsection 4, as applicable, a monthly retirement allowance
equal to one-twelfth of fifty percent of the member's three-year
average covered wage as a correctional officer, with benefits payable
during the member's lifetime.
b. The Iowa department of corrections and the system shall
jointly determine the applicable merit system job classifications of
correctional officers.
c. The Iowa department of corrections shall pay to the
system, from funds appropriated to the Iowa department of
corrections, an actuarially determined amount sufficient to pay for
the additional benefits provided in this subsection. The amount is
in addition to the employer contributions required in section 97B.11.
9. Airport fire fighter -- July 1986--July 1988.a. Notwithstanding other provisions of this chapter, a member
who is or has been employed by the office of disaster services as an
airport fire fighter who retires on or after July 1, 1986, and before
July 1, 1988, and at the time of retirement is at least sixty years
of age and has completed at least twenty-five years of membership
service as an airport fire fighter, may elect to receive, in lieu of
the receipt of any benefits under subsection 1 or section 97B.49A,
subsection 4, as applicable, a monthly retirement allowance equal to
one-twelfth of fifty percent of the member's three-year average
covered wage as an airport fire fighter, with benefits payable during
the member's lifetime.
b. An airport fire fighter who retires on or after July 1,
1986, and before July 1, 1988, and has not completed twenty-five
years of membership service as required under this subsection is
eligible to receive a monthly retirement allowance equal to
one-twelfth of fifty percent of the member's three-year average
covered wage as an airport fire fighter multiplied by a fraction of
years of service as an airport fire fighter. For the purpose of this
subsection, "fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service as an
airport fire fighter, divided by twenty-five years. On or after July
1, 1986, but before July 1, 1988, if the airport fire fighter has not
reached sixty years of age at retirement, the monthly retirement
allowance shall be reduced by five-tenths of one percent per month
for each month that the airport fire fighter's retirement precedes
the date on which the airport fire fighter attains sixty years of
age.
c. The employer and each employee eligible for benefits under
this subsection shall annually contribute an actuarially determined
amount specified by the system, as a percentage of covered wages,
that is necessary to pay for the additional benefits provided by this
subsection. The annual contribution in excess of the employer and
employee contributions required in section 97B.11 shall be paid by
the employer and the employee in the same proportion that the
employer and employee contributions are made under section 97B.11.
d. There is appropriated from the general fund of the state
to the system from funds not otherwise appropriated an amount
sufficient to pay the employer share of the cost of the additional
benefits provided in this subsection.
10. Protection occupation -- July 1988--July 1994.a. For purposes of this subsection:
(1) "Applicable percentage" means the applicable percentage
multiplier defined in subsection 1, paragraph "b", that applies
on the date a member retires and becomes eligible to receive a
monthly allowance as calculated pursuant to this subsection.
(2) "Fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service in a
protection occupation divided by twenty-five years.
b. Notwithstanding other provisions of this chapter, a member
who is or has been employed in a protection occupation who retires on
or after July 1, 1988, and before July 1, 1994, and at the time of
retirement is at least fifty-five years of age may elect to receive,
in lieu of the receipt of any benefits as calculated pursuant to
subsection 1 or section 97B.49A, subsection 4, as applicable, a
monthly retirement allowance equal to one-twelfth of an amount equal
to the applicable percentage of the three-year average covered wage
as a member who has been employed in a protection occupation
multiplied by a fraction of years of service, with benefits payable
during the member's lifetime.
11. Sheriffs and deputy sheriffs -- July 1988--July 1994.a. For purposes of this subsection:
(1) "Applicable percentage" means the applicable percentage
multiplier as described in subsection 1, paragraph "b", that
applies on the date a member retires and becomes eligible to receive
a monthly allowance as calculated pursuant to this subsection.
(2) "Fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service as a
sheriff or deputy sheriff divided by twenty-two years.
b. Notwithstanding other provisions of this chapter, a member
who retires from employment as a sheriff or deputy sheriff on or
after July 1, 1988, and before July 1, 1994, and at the time of
retirement is at least fifty-five years of age may elect to receive,
in lieu of the receipt of any benefits as calculated pursuant to
subsection 1 or section 97B.49A, subsection 4, as applicable, a
monthly retirement allowance equal to one-twelfth of an amount equal
to the applicable percentage of the three-year average covered wage
as a member who has been employed as a sheriff or deputy sheriff
multiplied by a fraction of years of service, with benefits payable
during the member's lifetime.
12. Probation and parole officers III -- July 1994--July
1998. The system shall establish and maintain additional
contribution accounts for employees of judicial district departments
of correctional services who were employed as parole officers III and
probation officers III during any portion of the period from July 1,
1994, through June 30, 1998. A probation officer III or parole
officer III who made contributions to the retirement fund during the
period from July 1, 1994, through June 30, 1998, as a member of a
protection occupation shall have credited to an additional
contribution account for that probation or parole officer an amount
equal to the contributions made to the retirement fund in excess of
three and seven-tenths percent of the probation or parole officer's
covered wages paid from July 1, 1994, through June 30, 1998, plus
interest at the applicable statutory interest rates established in
this chapter. Moneys deposited in an additional contribution account
established pursuant to this section shall be payable in a lump sum
to the probation or parole officer at retirement or upon request for
a refund of moneys in the account. If the probation or parole
officer dies prior to receipt of moneys in the account, the
beneficiary designated by that probation or parole officer shall
receive a lump sum payment of moneys in the account. The payment of
moneys from the account created in this subsection shall not be
annuitized. A probation officer III or parole officer III for which
an account is established under this subsection shall not receive
credit for eligible service as a member of a protection occupation
for that service.
97B.49G MONTHLY PAYMENTS OF ALLOWANCE --
MISCELLANEOUS PROVISIONS.
1. Monthly payments of allowance -- percentage multiplier.a. For each active or inactive vested member retiring on or
after July 1, 1986, and before 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 multiplier of the three-year average covered wage
multiplied by a fraction of years of service.
b. The applicable percentage multiplier for purposes of this
subsection shall be the following:
(1) For active or inactive vested members retiring on or after
July 1, 1986, but before July 1, 1990, fifty percent.
(2) For active or inactive vested members retiring on or after
July 1, 1990, but before July 1, 1991, fifty-two percent.
(3) For active or inactive vested members retiring on or after
July 1, 1991, but before July 1, 1992, fifty-four percent.
(4) For active or inactive vested members retiring on or after
July 1, 1992, but before July 1, 1993, fifty-six percent.
(5) For active or inactive vested members retiring on or after
July 1, 1993, but before July 1, 1994, fifty-seven and four-tenths
percent.
(6) For active or inactive vested members retiring on or after
July 1, 1994, sixty percent.
c. For purposes of this subsection, 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. Extra payments on allowance -- pre-1976 retirees.a. (1) On January 1, 1976, for each member who retired before
January 1, 1976, the amount of regular monthly retirement allowance
attributable to membership service and prior service that was payable
to the member for December 1975 is increased by ten percent for the
first calendar year or portion of a calendar year the member was
retired, and by an additional five percent for each calendar year
after the first calendar year the member was retired through the
calendar year beginning January 1, 1975. The total increase shall
not exceed one hundred percent. Effective July 1, 1987, there is
appropriated for each fiscal year from the Iowa public employees'
retirement fund created in section 97B.7 to the system from funds not
otherwise appropriated an amount sufficient to fund the monthly
retirement allowance increases paid under this paragraph.
(2) The benefit increases granted to members retired under the
retirement system on January 1, 1976, shall be granted only on
January 1, 1976, and shall not be further increased for any year in
which the member was retired after the calendar year beginning
January 1, 1975.
b. (1) Effective July 1, 1978, for each member who retired
from the retirement system prior to January 1, 1976, the amount of
regular monthly retirement allowance attributable to membership
service and prior service that was payable to the member for June
1978 is increased as follows:
(a) For the first ten years of service, fifty cents per month for
each complete year of service.
(b) For the eleventh through the twentieth years of service, two
dollars per month for each complete year of service.
(c) For the twenty-first through the thirtieth years of service,
three dollars per month for each complete year of service.
(2) Effective July 1, 1979, the increases granted to members
under this paragraph "b" shall be paid to contingent annuitants
and to beneficiaries.
3. Extra payments on allowance.a. (1) Effective July 1, 1980, for each member who retired
from the retirement system prior to January 1, 1976, and for each
member who retired from the retirement system on or after January 1,
1976, under section 97B.49A, subsection 4, the amount of regular
monthly retirement allowance attributable to membership service and
prior service that was payable to the member for June 1980 is
increased as follows:
(a) For the first ten years of service, fifty cents per month for
each complete year of service.
(b) For the eleventh through the twentieth years of service, one
dollar per month for each complete year of service.
(c) For the twenty-first through the thirtieth years of service,
one dollar and fifty cents per month for each complete year of
service.
(d) The amount of monthly increase payable to a member under this
paragraph is also payable to a beneficiary and a contingent annuitant
and shall be reduced by an amount based upon the actuarial equivalent
of the option selected in section 97B.51 or section 97B.52 compared
to the full monthly benefit provided in this section or section
97B.49A, as applicable.
(2) However, effective July 1, 1980, the monthly retirement
allowance attributable to membership service and prior service of a
member, contingent annuitant, and beneficiary shall not be less than
five dollars times the number of complete years of service of the
member, not to exceed thirty, reduced by an amount based upon the
actuarial equivalent of the option selected in section 97B.51 or
section 97B.52, compared to the full monthly retirement benefit
provided in this section or section 97B.49A, as applicable.
b. Effective beginning July 1, 1982, for each member who
retired from the retirement system prior to January 1, 1976, and for
each member who retired from the retirement system on or after
January 1, 1976, under section 97B.49A, subsection 4, the amount of
regular monthly retirement allowance attributable to membership
service and prior service that was payable to the member for June
1982 is increased as follows:
(1) For the first ten years of service, fifty cents per month for
each complete year of service.
(2) For the eleventh through the twentieth years of service, one
dollar per month for each complete year of service.
(3) For the twenty-first through the thirtieth years of service,
one dollar and fifty cents per month for each complete year of
service.
(4) The amount of monthly increase payable to a member under this
paragraph is also payable to a beneficiary and a contingent annuitant
and shall be reduced by an amount based upon the actuarial equivalent
of the option selected in section 97B.51 or section 97B.52 compared
to the full monthly benefit provided in this section or section
97B.49A, as applicable.
c. Beginning January 1, 1999, for each member who retired
from the retirement system prior to July 1, 1986, the amount of
regular monthly retirement allowance attributable to membership and
prior service that was payable to the member, or the beneficiary or
contingent annuitant of the member, for December 1998 shall be
increased by fifteen percent.
d. Beginning January 1, 1999, for each member who retired
from the retirement system on or after July 1, 1986, but before July
1, 1990, the amount of regular monthly retirement allowance
attributable to membership and prior service that was payable to the
member, or the beneficiary or contingent annuitant of the member, for
December 1998 shall be increased by seven percent.
4. Normal retirement dates. A retired member shall be deemed
to have retired on the member's normal retirement date, and
retirement benefits calculated shall not be reduced pursuant to
section 97B.50, if the member meets any of the following
requirements:
a. The member is an active or inactive vested member retiring
on or after July 1, 1988, and before July 1, 1990, who is at least
fifty-five years of age and has completed at least thirty years of
membership service and prior service, and for which the sum of the
number of years of membership service and prior service and the
member's age in years as of the member's last birthday equals or
exceeds ninety-two.
b. The member is an active or inactive vested member retiring
on or after July 1, 1990, and before July 1, 1996, who is at least
fifty-five years of age and for which the sum of the number of years
of membership service and prior service and the member's age in years
as of the member's last birthday equals or exceeds ninety-two.
c. The member is an active or inactive vested member retiring
on or after July 1, 1996, and before July 1, 1997, who is at least
fifty-five years of age and for which the sum of the number of years
of membership service and prior service and the member's age in years
as of the member's last birthday equals or exceeds ninety.
d. The member is an active or inactive vested member retiring
on or after July 1, 1986, and before January 1, 1999, who is at least
sixty-two years of age and who has completed thirty years of
membership service.
5. Dividends -- November 1996.a. Each member who retired from the retirement system between
July 4, 1953, and December 31, 1975, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to two hundred
ninety-two percent of the monthly benefit payment the member received
for the preceding June, or the most recently received benefit
payment, whichever is greater. The retirement dividend does not
affect the amount of a monthly benefit payment.
b. A member who retired from the retirement system between
January 1, 1976, and June 30, 1982, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to two hundred
twenty-three percent of the monthly benefit payment the member
received for the preceding June, or the most recently received
benefit payment, whichever is greater. The retirement dividend does
not affect the amount of a monthly benefit payment.
c. A member who retired from the retirement system between
July 1, 1982, and June 30, 1986, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to seventy-four
percent of the monthly benefit payment the member received for the
preceding June, or the most recently received benefit payment,
whichever is greater. The retirement dividend does not affect the
amount of a monthly benefit payment.
d. A member who retired from the retirement system between
July 1, 1986, and June 30, 1990, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to twenty-four
percent of the monthly benefit payment the member received for the
preceding June, or the most recently received benefit payment,
whichever is greater. The retirement dividend does not affect the
amount of a monthly benefit payment.
e. Notwithstanding the determination of the amount of a
retirement dividend under this subsection, a retirement dividend
shall not be less than twenty-five dollars.
6. Conservation peace officer -- July 1986--July 1988.a. Notwithstanding other provisions of this chapter, a member
who is or has been employed as a conservation peace officer under
section 456A.13 and who retires on or after July 1, 1986, and before
July 1, 1988, and at the time of retirement is at least sixty years
of age and has completed at least twenty-five years of membership
service as a conservation peace officer, may elect to receive, in
lieu of the receipt of any benefits under subsection 1 or section
97B.49A, as applicable, a monthly retirement allowance equal to
one-twelfth of fifty percent of the member's three-year average
covered wage as a conservation peace officer, with benefits payable
during the member's lifetime.
b. (1) A conservation peace officer who retires on or after
July 1, 1986, and before July 1, 1988, and has not completed
twenty-five years of membership service as required under this
subsection is eligible to receive a monthly retirement allowance
equal to one-twelfth of fifty percent of the member's three-year
average covered wage as a conservation peace officer, multiplied by a
fraction of years of service as a conservation peace officer. For
the purpose of this subsection, "fraction of years of service"
means a number, not to exceed one, equal to the sum of the years of
membership service as a conservation peace officer, divided by
twenty-five years. On or after July 1, 1986, but before July 1,
1988, if the conservation peace officer has not reached sixty years
of age at retirement, the monthly retirement allowance shall be
reduced by five-tenths of one percent per month for each month that
the conservation peace officer's retirement precedes the date on
which the conservation peace officer attains sixty years of age.
(2) The annual contribution necessary to pay for the additional
benefits provided in this paragraph shall be paid by the employer and
employee in the same proportion that employer and employee
contributions are made under section 97B.11.
c. There is appropriated from the state fish and game
protection fund to the system an actuarially determined amount
calculated by the Iowa public employees' retirement system sufficient
to pay for the additional benefits to conservation peace officers
provided by this subsection, as a percentage, in paragraph "a"
and for the employer portion of the benefits provided in paragraph
"b". The amount is in addition to the contribution paid by the
employer under section 97B.11. The cost of the benefits relating to
fish and wildlife conservation peace officers within the department
of natural resources shall be paid from the state fish and game
protection fund and the cost of the benefits relating to the other
conservation peace officers of the department shall be paid from the
general fund.
7. Peace officer -- July 1986--July 1988.a. (1) Notwithstanding other provisions of this chapter, a
member who is or has been employed as a peace officer and who retires
on or after July 1, 1986, and before July 1, 1988, and at the time of
retirement is at least sixty years of age and has completed at least
twenty-five years of membership service as a peace officer, may elect
to receive, in lieu of the benefits under subsection 1 or section
97B.49A, subsection 4, as applicable, a monthly retirement allowance
equal to one-twelfth of fifty percent of the member's three-year
average covered wage as a peace officer, with benefits payable during
the member's lifetime.
(2) A peace officer who retires on or after July 1, 1986, and
before July 1, 1988, and has not completed twenty-five years of
membership service as required under this subsection is eligible to
receive a monthly retirement allowance equal to one-twelfth of fifty
percent of the member's three-year average covered wage as a peace
officer multiplied by the fraction of years of service as a peace
officer. For the purpose of this subsection, "fraction of years of
service" means a number, not to exceed one, equal to the sum of the
years of membership service as a peace officer, divided by
twenty-five years. On or after July 1, 1984, but before July 1,
1988, if the peace officer has not reached sixty years of age at
retirement, the monthly retirement allowance shall be reduced by
five-tenths of one percent per month for each month that the peace
officer's retirement precedes the date on which the peace officer
attains sixty years of age.
(3) For the purpose of this subsection, membership service as a
peace officer means service under this retirement system as any or
all of the following:
(a) As a county sheriff as defined in section 39.17.
(b) As a deputy sheriff appointed pursuant to section 341.1, Code
1981, or section 331.903.
(c) As a marshal or police officer in a city not covered under
chapter 400.
b. Each county and applicable city and employee eligible for
benefits under this subsection shall annually contribute an amount
determined by the system, as a percentage of covered wages, to be
necessary to pay for the additional benefits provided by this
subsection. The annual contribution in excess of the employer and
employee contributions required by this chapter shall be paid by the
employer and the employee in the same proportion that employer and
employee contributions are made under section 97B.11. The additional
percentage of covered wages shall be calculated separately by the
system for service under paragraph "a", subparagraphs (1) and
(2), and for service under paragraph "a", subparagraph (3), and
each shall be an actuarially determined amount for that type of
service which, if contributed throughout the entire period of active
service, would be sufficient to provide the pension benefit provided
in this subsection.
8. Correctional officer -- July 1986--July 1988.a. Notwithstanding sections of this chapter relating to
eligibility for and determination of retirement benefits, a vested
member who is or has been employed as a correctional officer by the
Iowa department of corrections and who retires on or after July 1,
1986, and before July 1, 1988, and at the time of retirement is at
least sixty years of age and has completed at least thirty years of
membership service as a correctional officer, may elect to receive,
in lieu of the receipt of benefits under subsection 1 or section
97B.49A, subsection 4, as applicable, a monthly retirement allowance
equal to one-twelfth of fifty percent of the member's three-year
average covered wage as a correctional officer, with benefits payable
during the member's lifetime.
b. The Iowa department of corrections and the system shall
jointly determine the applicable merit system job classifications of
correctional officers.
c. The Iowa department of corrections shall pay to the
system, from funds appropriated to the Iowa department of
corrections, an actuarially determined amount sufficient to pay for
the additional benefits provided in this subsection. The amount is
in addition to the employer contributions required in section 97B.11.
9. Airport fire fighter -- July 1986--July 1988.a. Notwithstanding other provisions of this chapter, a member
who is or has been employed by the office of disaster services as an
airport fire fighter who retires on or after July 1, 1986, and before
July 1, 1988, and at the time of retirement is at least sixty years
of age and has completed at least twenty-five years of membership
service as an airport fire fighter, may elect to receive, in lieu of
the receipt of any benefits under subsection 1 or section 97B.49A,
subsection 4, as applicable, a monthly retirement allowance equal to
one-twelfth of fifty percent of the member's three-year average
covered wage as an airport fire fighter, with benefits payable during
the member's lifetime.
b. An airport fire fighter who retires on or after July 1,
1986, and before July 1, 1988, and has not completed twenty-five
years of membership service as required under this subsection is
eligible to receive a monthly retirement allowance equal to
one-twelfth of fifty percent of the member's three-year average
covered wage as an airport fire fighter multiplied by a fraction of
years of service as an airport fire fighter. For the purpose of this
subsection, "fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service as an
airport fire fighter, divided by twenty-five years. On or after July
1, 1986, but before July 1, 1988, if the airport fire fighter has not
reached sixty years of age at retirement, the monthly retirement
allowance shall be reduced by five-tenths of one percent per month
for each month that the airport fire fighter's retirement precedes
the date on which the airport fire fighter attains sixty years of
age.
c. The employer and each employee eligible for benefits under
this subsection shall annually contribute an actuarially determined
amount specified by the system, as a percentage of covered wages,
that is necessary to pay for the additional benefits provided by this
subsection. The annual contribution in excess of the employer and
employee contributions required in section 97B.11 shall be paid by
the employer and the employee in the same proportion that the
employer and employee contributions are made under section 97B.11.
d. There is appropriated from the general fund of the state
to the system from funds not otherwise appropriated an amount
sufficient to pay the employer share of the cost of the additional
benefits provided in this subsection.
10. Protection occupation -- July 1988--July 1994.a. For purposes of this subsection:
(1) "Applicable percentage" means the applicable percentage
multiplier defined in subsection 1, paragraph "b", that applies
on the date a member retires and becomes eligible to receive a
monthly allowance as calculated pursuant to this subsection.
(2) "Fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service in a
protection occupation divided by twenty-five years.
b. Notwithstanding other provisions of this chapter, a member
who is or has been employed in a protection occupation who retires on
or after July 1, 1988, and before July 1, 1994, and at the time of
retirement is at least fifty-five years of age may elect to receive,
in lieu of the receipt of any benefits as calculated pursuant to
subsection 1 or section 97B.49A, subsection 4, as applicable, a
monthly retirement allowance equal to one-twelfth of an amount equal
to the applicable percentage of the three-year average covered wage
as a member who has been employed in a protection occupation
multiplied by a fraction of years of service, with benefits payable
during the member's lifetime.
11. Sheriffs and deputy sheriffs -- July 1988--July 1994.a. For purposes of this subsection:
(1) "Applicable percentage" means the applicable percentage
multiplier as described in subsection 1, paragraph "b", that
applies on the date a member retires and becomes eligible to receive
a monthly allowance as calculated pursuant to this subsection.
(2) "Fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service as a
sheriff or deputy sheriff divided by twenty-two years.
b. Notwithstanding other provisions of this chapter, a member
who retires from employment as a sheriff or deputy sheriff on or
after July 1, 1988, and before July 1, 1994, and at the time of
retirement is at least fifty-five years of age may elect to receive,
in lieu of the receipt of any benefits as calculated pursuant to
subsection 1 or section 97B.49A, subsection 4, as applicable, a
monthly retirement allowance equal to one-twelfth of an amount equal
to the applicable percentage of the three-year average covered wage
as a member who has been employed as a sheriff or deputy sheriff
multiplied by a fraction of years of service, with benefits payable
during the member's lifetime.
12. Probation and parole officers III -- July 1994--July
1998. The system shall establish and maintain additional
contribution accounts for employees of judicial district departments
of correctional services who were employed as parole officers III and
probation officers III during any portion of the period from July 1,
1994, through June 30, 1998. A probation officer III or parole
officer III who made contributions to the retirement fund during the
period from July 1, 1994, through June 30, 1998, as a member of a
protection occupation shall have credited to an additional
contribution account for that probation or parole officer an amount
equal to the contributions made to the retirement fund in excess of
three and seven-tenths percent of the probation or parole officer's
covered wages paid from July 1, 1994, through June 30, 1998, plus
interest at the applicable statutory interest rates established in
this chapter. Moneys deposited in an additional contribution account
established pursuant to this section shall be payable in a lump sum
to the probation or parole officer at retirement or upon request for
a refund of moneys in the account. If the probation or parole
officer dies prior to receipt of moneys in the account, the
beneficiary designated by that probation or parole officer shall
receive a lump sum payment of moneys in the account. The payment of
moneys from the account created in this subsection shall not be
annuitized. A probation officer III or parole officer III for which
an account is established under this subsection shall not receive
credit for eligible service as a member of a protection occupation
for that service.
97B.49G MONTHLY PAYMENTS OF ALLOWANCE --
MISCELLANEOUS PROVISIONS.
1. Monthly payments of allowance -- percentage multiplier.a. For each active or inactive vested member retiring on or
after July 1, 1986, and before 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 multiplier of the three-year average covered wage
multiplied by a fraction of years of service.
b. The applicable percentage multiplier for purposes of this
subsection shall be the following:
(1) For active or inactive vested members retiring on or after
July 1, 1986, but before July 1, 1990, fifty percent.
(2) For active or inactive vested members retiring on or after
July 1, 1990, but before July 1, 1991, fifty-two percent.
(3) For active or inactive vested members retiring on or after
July 1, 1991, but before July 1, 1992, fifty-four percent.
(4) For active or inactive vested members retiring on or after
July 1, 1992, but before July 1, 1993, fifty-six percent.
(5) For active or inactive vested members retiring on or after
July 1, 1993, but before July 1, 1994, fifty-seven and four-tenths
percent.
(6) For active or inactive vested members retiring on or after
July 1, 1994, sixty percent.
c. For purposes of this subsection, 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. Extra payments on allowance -- pre-1976 retirees.a. (1) On January 1, 1976, for each member who retired before
January 1, 1976, the amount of regular monthly retirement allowance
attributable to membership service and prior service that was payable
to the member for December 1975 is increased by ten percent for the
first calendar year or portion of a calendar year the member was
retired, and by an additional five percent for each calendar year
after the first calendar year the member was retired through the
calendar year beginning January 1, 1975. The total increase shall
not exceed one hundred percent. Effective July 1, 1987, there is
appropriated for each fiscal year from the Iowa public employees'
retirement fund created in section 97B.7 to the system from funds not
otherwise appropriated an amount sufficient to fund the monthly
retirement allowance increases paid under this paragraph.
(2) The benefit increases granted to members retired under the
retirement system on January 1, 1976, shall be granted only on
January 1, 1976, and shall not be further increased for any year in
which the member was retired after the calendar year beginning
January 1, 1975.
b. (1) Effective July 1, 1978, for each member who retired
from the retirement system prior to January 1, 1976, the amount of
regular monthly retirement allowance attributable to membership
service and prior service that was payable to the member for June
1978 is increased as follows:
(a) For the first ten years of service, fifty cents per month for
each complete year of service.
(b) For the eleventh through the twentieth years of service, two
dollars per month for each complete year of service.
(c) For the twenty-first through the thirtieth years of service,
three dollars per month for each complete year of service.
(2) Effective July 1, 1979, the increases granted to members
under this paragraph "b" shall be paid to contingent annuitants
and to beneficiaries.
3. Extra payments on allowance.a. (1) Effective July 1, 1980, for each member who retired
from the retirement system prior to January 1, 1976, and for each
member who retired from the retirement system on or after January 1,
1976, under section 97B.49A, subsection 4, the amount of regular
monthly retirement allowance attributable to membership service and
prior service that was payable to the member for June 1980 is
increased as follows:
(a) For the first ten years of service, fifty cents per month for
each complete year of service.
(b) For the eleventh through the twentieth years of service, one
dollar per month for each complete year of service.
(c) For the twenty-first through the thirtieth years of service,
one dollar and fifty cents per month for each complete year of
service.
(d) The amount of monthly increase payable to a member under this
paragraph is also payable to a beneficiary and a contingent annuitant
and shall be reduced by an amount based upon the actuarial equivalent
of the option selected in section 97B.51 or section 97B.52 compared
to the full monthly benefit provided in this section or section
97B.49A, as applicable.
(2) However, effective July 1, 1980, the monthly retirement
allowance attributable to membership service and prior service of a
member, contingent annuitant, and beneficiary shall not be less than
five dollars times the number of complete years of service of the
member, not to exceed thirty, reduced by an amount based upon the
actuarial equivalent of the option selected in section 97B.51 or
section 97B.52, compared to the full monthly retirement benefit
provided in this section or section 97B.49A, as applicable.
b. Effective beginning July 1, 1982, for each member who
retired from the retirement system prior to January 1, 1976, and for
each member who retired from the retirement system on or after
January 1, 1976, under section 97B.49A, subsection 4, the amount of
regular monthly retirement allowance attributable to membership
service and prior service that was payable to the member for June
1982 is increased as follows:
(1) For the first ten years of service, fifty cents per month for
each complete year of service.
(2) For the eleventh through the twentieth years of service, one
dollar per month for each complete year of service.
(3) For the twenty-first through the thirtieth years of service,
one dollar and fifty cents per month for each complete year of
service.
(4) The amount of monthly increase payable to a member under this
paragraph is also payable to a beneficiary and a contingent annuitant
and shall be reduced by an amount based upon the actuarial equivalent
of the option selected in section 97B.51 or section 97B.52 compared
to the full monthly benefit provided in this section or section
97B.49A, as applicable.
c. Beginning January 1, 1999, for each member who retired
from the retirement system prior to July 1, 1986, the amount of
regular monthly retirement allowance attributable to membership and
prior service that was payable to the member, or the beneficiary or
contingent annuitant of the member, for December 1998 shall be
increased by fifteen percent.
d. Beginning January 1, 1999, for each member who retired
from the retirement system on or after July 1, 1986, but before July
1, 1990, the amount of regular monthly retirement allowance
attributable to membership and prior service that was payable to the
member, or the beneficiary or contingent annuitant of the member, for
December 1998 shall be increased by seven percent.
4. Normal retirement dates. A retired member shall be deemed
to have retired on the member's normal retirement date, and
retirement benefits calculated shall not be reduced pursuant to
section 97B.50, if the member meets any of the following
requirements:
a. The member is an active or inactive vested member retiring
on or after July 1, 1988, and before July 1, 1990, who is at least
fifty-five years of age and has completed at least thirty years of
membership service and prior service, and for which the sum of the
number of years of membership service and prior service and the
member's age in years as of the member's last birthday equals or
exceeds ninety-two.
b. The member is an active or inactive vested member retiring
on or after July 1, 1990, and before July 1, 1996, who is at least
fifty-five years of age and for which the sum of the number of years
of membership service and prior service and the member's age in years
as of the member's last birthday equals or exceeds ninety-two.
c. The member is an active or inactive vested member retiring
on or after July 1, 1996, and before July 1, 1997, who is at least
fifty-five years of age and for which the sum of the number of years
of membership service and prior service and the member's age in years
as of the member's last birthday equals or exceeds ninety.
d. The member is an active or inactive vested member retiring
on or after July 1, 1986, and before January 1, 1999, who is at least
sixty-two years of age and who has completed thirty years of
membership service.
5. Dividends -- November 1996.a. Each member who retired from the retirement system between
July 4, 1953, and December 31, 1975, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to two hundred
ninety-two percent of the monthly benefit payment the member received
for the preceding June, or the most recently received benefit
payment, whichever is greater. The retirement dividend does not
affect the amount of a monthly benefit payment.
b. A member who retired from the retirement system between
January 1, 1976, and June 30, 1982, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to two hundred
twenty-three percent of the monthly benefit payment the member
received for the preceding June, or the most recently received
benefit payment, whichever is greater. The retirement dividend does
not affect the amount of a monthly benefit payment.
c. A member who retired from the retirement system between
July 1, 1982, and June 30, 1986, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to seventy-four
percent of the monthly benefit payment the member received for the
preceding June, or the most recently received benefit payment,
whichever is greater. The retirement dividend does not affect the
amount of a monthly benefit payment.
d. A member who retired from the retirement system between
July 1, 1986, and June 30, 1990, or a contingent annuitant or
beneficiary of such a member, shall receive with the November 1996
monthly benefit payment a retirement dividend equal to twenty-four
percent of the monthly benefit payment the member received for the
preceding June, or the most recently received benefit payment,
whichever is greater. The retirement dividend does not affect the
amount of a monthly benefit payment.
e. Notwithstanding the determination of the amount of a
retirement dividend under this subsection, a retirement dividend
shall not be less than twenty-five dollars.
6. Conservation peace officer -- July 1986--July 1988.a. Notwithstanding other provisions of this chapter, a member
who is or has been employed as a conservation peace officer under
section 456A.13 and who retires on or after July 1, 1986, and before
July 1, 1988, and at the time of retirement is at least sixty years
of age and has completed at least twenty-five years of membership
service as a conservation peace officer, may elect to receive, in
lieu of the receipt of any benefits under subsection 1 or section
97B.49A, as applicable, a monthly retirement allowance equal to
one-twelfth of fifty percent of the member's three-year average
covered wage as a conservation peace officer, with benefits payable
during the member's lifetime.
b. (1) A conservation peace officer who retires on or after
July 1, 1986, and before July 1, 1988, and has not completed
twenty-five years of membership service as required under this
subsection is eligible to receive a monthly retirement allowance
equal to one-twelfth of fifty percent of the member's three-year
average covered wage as a conservation peace officer, multiplied by a
fraction of years of service as a conservation peace officer. For
the purpose of this subsection, "fraction of years of service"
means a number, not to exceed one, equal to the sum of the years of
membership service as a conservation peace officer, divided by
twenty-five years. On or after July 1, 1986, but before July 1,
1988, if the conservation peace officer has not reached sixty years
of age at retirement, the monthly retirement allowance shall be
reduced by five-tenths of one percent per month for each month that
the conservation peace officer's retirement precedes the date on
which the conservation peace officer attains sixty years of age.
(2) The annual contribution necessary to pay for the additional
benefits provided in this paragraph shall be paid by the employer and
employee in the same proportion that employer and employee
contributions are made under section 97B.11.
c. There is appropriated from the state fish and game
protection fund to the system an actuarially determined amount
calculated by the Iowa public employees' retirement system sufficient
to pay for the additional benefits to conservation peace officers
provided by this subsection, as a percentage, in paragraph "a"
and for the employer portion of the benefits provided in paragraph
"b". The amount is in addition to the contribution paid by the
employer under section 97B.11. The cost of the benefits relating to
fish and wildlife conservation peace officers within the department
of natural resources shall be paid from the state fish and game
protection fund and the cost of the benefits relating to the other
conservation peace officers of the department shall be paid from the
general fund.
7. Peace officer -- July 1986--July 1988.a. (1) Notwithstanding other provisions of this chapter, a
member who is or has been employed as a peace officer and who retires
on or after July 1, 1986, and before July 1, 1988, and at the time of
retirement is at least sixty years of age and has completed at least
twenty-five years of membership service as a peace officer, may elect
to receive, in lieu of the benefits under subsection 1 or section
97B.49A, subsection 4, as applicable, a monthly retirement allowance
equal to one-twelfth of fifty percent of the member's three-year
average covered wage as a peace officer, with benefits payable during
the member's lifetime.
(2) A peace officer who retires on or after July 1, 1986, and
before July 1, 1988, and has not completed twenty-five years of
membership service as required under this subsection is eligible to
receive a monthly retirement allowance equal to one-twelfth of fifty
percent of the member's three-year average covered wage as a peace
officer multiplied by the fraction of years of service as a peace
officer. For the purpose of this subsection, "fraction of years of
service" means a number, not to exceed one, equal to the sum of the
years of membership service as a peace officer, divided by
twenty-five years. On or after July 1, 1984, but before July 1,
1988, if the peace officer has not reached sixty years of age at
retirement, the monthly retirement allowance shall be reduced by
five-tenths of one percent per month for each month that the peace
officer's retirement precedes the date on which the peace officer
attains sixty years of age.
(3) For the purpose of this subsection, membership service as a
peace officer means service under this retirement system as any or
all of the following:
(a) As a county sheriff as defined in section 39.17.
(b) As a deputy sheriff appointed pursuant to section 341.1, Code
1981, or section 331.903.
(c) As a marshal or police officer in a city not covered under
chapter 400.
b. Each county and applicable city and employee eligible for
benefits under this subsection shall annually contribute an amount
determined by the system, as a percentage of covered wages, to be
necessary to pay for the additional benefits provided by this
subsection. The annual contribution in excess of the employer and
employee contributions required by this chapter shall be paid by the
employer and the employee in the same proportion that employer and
employee contributions are made under section 97B.11. The additional
percentage of covered wages shall be calculated separately by the
system for service under paragraph "a", subparagraphs (1) and
(2), and for service under paragraph "a", subparagraph (3), and
each shall be an actuarially determined amount for that type of
service which, if contributed throughout the entire period of active
service, would be sufficient to provide the pension benefit provided
in this subsection.
8. Correctional officer -- July 1986--July 1988.a. Notwithstanding sections of this chapter relating to
eligibility for and determination of retirement benefits, a vested
member who is or has been employed as a correctional officer by the
Iowa department of corrections and who retires on or after July 1,
1986, and before July 1, 1988, and at the time of retirement is at
least sixty years of age and has completed at least thirty years of
membership service as a correctional officer, may elect to receive,
in lieu of the receipt of benefits under subsection 1 or section
97B.49A, subsection 4, as applicable, a monthly retirement allowance
equal to one-twelfth of fifty percent of the member's three-year
average covered wage as a correctional officer, with benefits payable
during the member's lifetime.
b. The Iowa department of corrections and the system shall
jointly determine the applicable merit system job classifications of
correctional officers.
c. The Iowa department of corrections shall pay to the
system, from funds appropriated to the Iowa department of
corrections, an actuarially determined amount sufficient to pay for
the additional benefits provided in this subsection. The amount is
in addition to the employer contributions required in section 97B.11.
9. Airport fire fighter -- July 1986--July 1988.a. Notwithstanding other provisions of this chapter, a member
who is or has been employed by the office of disaster services as an
airport fire fighter who retires on or after July 1, 1986, and before
July 1, 1988, and at the time of retirement is at least sixty years
of age and has completed at least twenty-five years of membership
service as an airport fire fighter, may elect to receive, in lieu of
the receipt of any benefits under subsection 1 or section 97B.49A,
subsection 4, as applicable, a monthly retirement allowance equal to
one-twelfth of fifty percent of the member's three-year average
covered wage as an airport fire fighter, with benefits payable during
the member's lifetime.
b. An airport fire fighter who retires on or after July 1,
1986, and before July 1, 1988, and has not completed twenty-five
years of membership service as required under this subsection is
eligible to receive a monthly retirement allowance equal to
one-twelfth of fifty percent of the member's three-year average
covered wage as an airport fire fighter multiplied by a fraction of
years of service as an airport fire fighter. For the purpose of this
subsection, "fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service as an
airport fire fighter, divided by twenty-five years. On or after July
1, 1986, but before July 1, 1988, if the airport fire fighter has not
reached sixty years of age at retirement, the monthly retirement
allowance shall be reduced by five-tenths of one percent per month
for each month that the airport fire fighter's retirement precedes
the date on which the airport fire fighter attains sixty years of
age.
c. The employer and each employee eligible for benefits under
this subsection shall annually contribute an actuarially determined
amount specified by the system, as a percentage of covered wages,
that is necessary to pay for the additional benefits provided by this
subsection. The annual contribution in excess of the employer and
employee contributions required in section 97B.11 shall be paid by
the employer and the employee in the same proportion that the
employer and employee contributions are made under section 97B.11.
d. There is appropriated from the general fund of the state
to the system from funds not otherwise appropriated an amount
sufficient to pay the employer share of the cost of the additional
benefits provided in this subsection.
10. Protection occupation -- July 1988--July 1994.a. For purposes of this subsection:
(1) "Applicable percentage" means the applicable percentage
multiplier defined in subsection 1, paragraph "b", that applies
on the date a member retires and becomes eligible to receive a
monthly allowance as calculated pursuant to this subsection.
(2) "Fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service in a
protection occupation divided by twenty-five years.
b. Notwithstanding other provisions of this chapter, a member
who is or has been employed in a protection occupation who retires on
or after July 1, 1988, and before July 1, 1994, and at the time of
retirement is at least fifty-five years of age may elect to receive,
in lieu of the receipt of any benefits as calculated pursuant to
subsection 1 or section 97B.49A, subsection 4, as applicable, a
monthly retirement allowance equal to one-twelfth of an amount equal
to the applicable percentage of the three-year average covered wage
as a member who has been employed in a protection occupation
multiplied by a fraction of years of service, with benefits payable
during the member's lifetime.
11. Sheriffs and deputy sheriffs -- July 1988--July 1994.a. For purposes of this subsection:
(1) "Applicable percentage" means the applicable percentage
multiplier as described in subsection 1, paragraph "b", that
applies on the date a member retires and becomes eligible to receive
a monthly allowance as calculated pursuant to this subsection.
(2) "Fraction of years of service" means a number, not to
exceed one, equal to the sum of the years of membership service as a
sheriff or deputy sheriff divided by twenty-two years.
b. Notwithstanding other provisions of this chapter, a member
who retires from employment as a sheriff or deputy sheriff on or
after July 1, 1988, and before July 1, 1994, and at the time of
retirement is at least fifty-five years of age may elect to receive,
in lieu of the receipt of any benefits as calculated pursuant to
subsection 1 or section 97B.49A, subsection 4, as applicable, a
monthly retirement allowance equal to one-twelfth of an amount equal
to the applicable percentage of the three-year average covered wage
as a member who has been employed as a sheriff or deputy sheriff
multiplied by a fraction of years of service, with benefits payable
during the member's lifetime.
12. Probation and parole officers III -- July 1994--July
1998. The system shall establish and maintain additional
contribution accounts for employees of judicial district departments
of correctional services who were employed as parole officers III and
probation officers III during any portion of the period from July 1,
1994, through June 30, 1998. A probation officer III or parole
officer III who made contributions to the retirement fund during the
period from July 1, 1994, through June 30, 1998, as a member of a
protection occupation shall have credited to an additional
contribution account for that probation or parole officer an amount
equal to the contributions made to the retirement fund in excess of
three and seven-tenths percent of the probation or parole officer's
covered wages paid from July 1, 1994, through June 30, 1998, plus
interest at the applicable statutory interest rates established in
this chapter. Moneys deposited in an additional contribution account
established pursuant to this section shall be payable in a lump sum
to the probation or parole officer at retirement or upon request for
a refund of moneys in the account. If the probation or parole
officer dies prior to receipt of moneys in the account, the
beneficiary designated by that probation or parole officer shall
receive a lump sum payment of moneys in the account. The payment of
moneys from the account created in this subsection shall not be
annuitized. A probation officer III or parole officer III for which
an account is established under this subsection shall not receive
credit for eligible service as a member of a protection occupation
for that service.
