97B.50 EARLY RETIREMENT.
1. Except as otherwise provided in this section, a vested member
who is at least fifty-five years of age, upon retirement prior to the
normal retirement date for that member, is entitled to receive a
monthly retirement allowance determined in the same manner as
provided for normal retirement in sections 97B.49A, 97B.49E, and
97B.49G, reduced as follows:
a. For a member who is less than sixty-two years of age, by
twenty-five hundredths of one percent per month for each month that
the early retirement date precedes the normal retirement date.
b. For a member who is at least sixty-two years of age and
who has not completed twenty years of membership service and prior
service, by twenty-five hundredths of one percent per month for each
month that the early retirement date precedes the normal retirement
date.
2. a. A vested member who retires from the retirement system
due to disability and commences receiving disability benefits
pursuant to the federal Social Security Act, 42 U.S.C. § 423 et seq.,
and who has not reached the normal retirement date, shall receive
benefits as selected under section 97B.51, and shall not have
benefits reduced upon retirement as required under subsection 1
regardless of whether the member has completed thirty or more years
of membership service. However, the benefits shall be suspended
during any period in which the member returns to covered employment.
This section takes effect July 1, 1990, for a member meeting the
requirements of this paragraph who retired from the retirement system
at any time after July 4, 1953. Eligible members retiring on or
after July 1, 2000, are entitled to the receipt of retroactive
adjustment payments for no more than thirty-six months immediately
preceding the month in which written application for retirement due
to disability was received by the system.
b. A vested member who retires from the retirement system due
to disability and commences receiving disability benefits pursuant to
the federal Railroad Retirement Act, 45 U.S.C. § 231 et seq., and who
has not reached the normal retirement date, shall receive benefits as
selected under section 97B.51, and shall not have benefits reduced
upon retirement as required under subsection 1 regardless of whether
the member has completed thirty or more years of membership service.
However, the benefits shall be suspended during any period in which
the member returns to covered employment. This section takes effect
July 1, 1990, for a member meeting the requirements of this paragraph
who retired from the retirement system at any time since July 4,
1953. Eligible members retiring on or after July 1, 2000, are
entitled to the receipt of retroactive adjustment payments for no
more than thirty-six months immediately preceding the month in which
written application for retirement due to disability was received by
the system.
c. A vested member who terminated service due to a
disability, who has been issued payment for a refund pursuant to
section 97B.53, and who subsequently commences receiving disability
benefits as a result of that disability pursuant to the federal
Social Security Act, 42 U.S.C. § 423 et seq. or the federal Railroad
Retirement Act, 45 U.S.C. § 231 et seq., may receive credit for
membership service for the period covered by the refund payment, upon
repayment to the system of the actuarial cost of receiving service
credit for the period covered by the refund payment, as determined by
the system. For purposes of this paragraph, the actuarial cost of
the service purchase shall be determined as provided in section
97B.80C. The payment to the system as provided in this paragraph
shall be made within ninety days after July 1, 2000, or the date
federal disability payments commenced, whichever occurs later. For
purposes of this paragraph, the date federal disability payments
commence shall be the date that the member actually receives the
first such payment, regardless of any retroactive payments included
in that payment. A member who repurchases service credit under this
paragraph and applies for retirement benefits shall have the member's
monthly allowance, including retroactive adjustment payments,
determined in the same manner as provided in paragraph "a" or
"b", as applicable.
d. For a vested member who retires from the retirement system
due to disability on or after July 1, 2009, and commences receiving
disability benefits pursuant to the federal Railroad Retirement Act,
45 U.S.C. § 231 et seq., or the federal Social Security Act, 42
U.S.C. § 423 et seq., the system may require the vested member to
certify on an annual basis continued eligibility for disability
payments under the federal Railroad Retirement Act or the federal
Social Security Act. If the vested member is under the age at which
disability benefits are converted under the federal Social Security
Act or the federal Railroad Retirement Act to retirement benefits and
is no longer eligible for disability payments under either the
federal Railroad Retirement Act or the federal Social Security Act,
the vested member shall no longer be eligible to receive retirement
benefits as provided by this subsection. If the system has paid
retirement benefits to the member between the month the member was no
longer eligible for payment pursuant to the federal Railroad
Retirement Act or the federal Social Security Act and the month the
system terminated retirement benefits under this paragraph, the
member shall return all retirement benefits paid by the system
following the termination of such federal disability benefits, plus
interest. The system shall adopt rules pursuant to chapter 17A to
implement this paragraph.
3. A member who is at least sixty-two years of age and less than
sixty-five years of age, and who has completed twenty or more years
of membership service and prior service, shall receive benefits under
sections 97B.49A through 97B.49G, as applicable, determined as if the
member had attained sixty-five years of age.
97B.50 EARLY RETIREMENT.
1. Except as otherwise provided in this section, a vested member
who is at least fifty-five years of age, upon retirement prior to the
normal retirement date for that member, is entitled to receive a
monthly retirement allowance determined in the same manner as
provided for normal retirement in sections 97B.49A, 97B.49E, and
97B.49G, reduced as follows:
a. For a member who is less than sixty-two years of age, by
twenty-five hundredths of one percent per month for each month that
the early retirement date precedes the normal retirement date.
b. For a member who is at least sixty-two years of age and
who has not completed twenty years of membership service and prior
service, by twenty-five hundredths of one percent per month for each
month that the early retirement date precedes the normal retirement
date.
2. a. A vested member who retires from the retirement system
due to disability and commences receiving disability benefits
pursuant to the federal Social Security Act, 42 U.S.C. § 423 et seq.,
and who has not reached the normal retirement date, shall receive
benefits as selected under section 97B.51, and shall not have
benefits reduced upon retirement as required under subsection 1
regardless of whether the member has completed thirty or more years
of membership service. However, the benefits shall be suspended
during any period in which the member returns to covered employment.
This section takes effect July 1, 1990, for a member meeting the
requirements of this paragraph who retired from the retirement system
at any time after July 4, 1953. Eligible members retiring on or
after July 1, 2000, are entitled to the receipt of retroactive
adjustment payments for no more than thirty-six months immediately
preceding the month in which written application for retirement due
to disability was received by the system.
b. A vested member who retires from the retirement system due
to disability and commences receiving disability benefits pursuant to
the federal Railroad Retirement Act, 45 U.S.C. § 231 et seq., and who
has not reached the normal retirement date, shall receive benefits as
selected under section 97B.51, and shall not have benefits reduced
upon retirement as required under subsection 1 regardless of whether
the member has completed thirty or more years of membership service.
However, the benefits shall be suspended during any period in which
the member returns to covered employment. This section takes effect
July 1, 1990, for a member meeting the requirements of this paragraph
who retired from the retirement system at any time since July 4,
1953. Eligible members retiring on or after July 1, 2000, are
entitled to the receipt of retroactive adjustment payments for no
more than thirty-six months immediately preceding the month in which
written application for retirement due to disability was received by
the system.
c. A vested member who terminated service due to a
disability, who has been issued payment for a refund pursuant to
section 97B.53, and who subsequently commences receiving disability
benefits as a result of that disability pursuant to the federal
Social Security Act, 42 U.S.C. § 423 et seq. or the federal Railroad
Retirement Act, 45 U.S.C. § 231 et seq., may receive credit for
membership service for the period covered by the refund payment, upon
repayment to the system of the actuarial cost of receiving service
credit for the period covered by the refund payment, as determined by
the system. For purposes of this paragraph, the actuarial cost of
the service purchase shall be determined as provided in section
97B.80C. The payment to the system as provided in this paragraph
shall be made within ninety days after July 1, 2000, or the date
federal disability payments commenced, whichever occurs later. For
purposes of this paragraph, the date federal disability payments
commence shall be the date that the member actually receives the
first such payment, regardless of any retroactive payments included
in that payment. A member who repurchases service credit under this
paragraph and applies for retirement benefits shall have the member's
monthly allowance, including retroactive adjustment payments,
determined in the same manner as provided in paragraph "a" or
"b", as applicable.
d. For a vested member who retires from the retirement system
due to disability on or after July 1, 2009, and commences receiving
disability benefits pursuant to the federal Railroad Retirement Act,
45 U.S.C. § 231 et seq., or the federal Social Security Act, 42
U.S.C. § 423 et seq., the system may require the vested member to
certify on an annual basis continued eligibility for disability
payments under the federal Railroad Retirement Act or the federal
Social Security Act. If the vested member is under the age at which
disability benefits are converted under the federal Social Security
Act or the federal Railroad Retirement Act to retirement benefits and
is no longer eligible for disability payments under either the
federal Railroad Retirement Act or the federal Social Security Act,
the vested member shall no longer be eligible to receive retirement
benefits as provided by this subsection. If the system has paid
retirement benefits to the member between the month the member was no
longer eligible for payment pursuant to the federal Railroad
Retirement Act or the federal Social Security Act and the month the
system terminated retirement benefits under this paragraph, the
member shall return all retirement benefits paid by the system
following the termination of such federal disability benefits, plus
interest. The system shall adopt rules pursuant to chapter 17A to
implement this paragraph.
3. A member who is at least sixty-two years of age and less than
sixty-five years of age, and who has completed twenty or more years
of membership service and prior service, shall receive benefits under
sections 97B.49A through 97B.49G, as applicable, determined as if the
member had attained sixty-five years of age.
97B.50 EARLY RETIREMENT.
1. Except as otherwise provided in this section, a vested member
who is at least fifty-five years of age, upon retirement prior to the
normal retirement date for that member, is entitled to receive a
monthly retirement allowance determined in the same manner as
provided for normal retirement in sections 97B.49A, 97B.49E, and
97B.49G, reduced as follows:
a. For a member who is less than sixty-two years of age, by
twenty-five hundredths of one percent per month for each month that
the early retirement date precedes the normal retirement date.
b. For a member who is at least sixty-two years of age and
who has not completed twenty years of membership service and prior
service, by twenty-five hundredths of one percent per month for each
month that the early retirement date precedes the normal retirement
date.
2. a. A vested member who retires from the retirement system
due to disability and commences receiving disability benefits
pursuant to the federal Social Security Act, 42 U.S.C. § 423 et seq.,
and who has not reached the normal retirement date, shall receive
benefits as selected under section 97B.51, and shall not have
benefits reduced upon retirement as required under subsection 1
regardless of whether the member has completed thirty or more years
of membership service. However, the benefits shall be suspended
during any period in which the member returns to covered employment.
This section takes effect July 1, 1990, for a member meeting the
requirements of this paragraph who retired from the retirement system
at any time after July 4, 1953. Eligible members retiring on or
after July 1, 2000, are entitled to the receipt of retroactive
adjustment payments for no more than thirty-six months immediately
preceding the month in which written application for retirement due
to disability was received by the system.
b. A vested member who retires from the retirement system due
to disability and commences receiving disability benefits pursuant to
the federal Railroad Retirement Act, 45 U.S.C. § 231 et seq., and who
has not reached the normal retirement date, shall receive benefits as
selected under section 97B.51, and shall not have benefits reduced
upon retirement as required under subsection 1 regardless of whether
the member has completed thirty or more years of membership service.
However, the benefits shall be suspended during any period in which
the member returns to covered employment. This section takes effect
July 1, 1990, for a member meeting the requirements of this paragraph
who retired from the retirement system at any time since July 4,
1953. Eligible members retiring on or after July 1, 2000, are
entitled to the receipt of retroactive adjustment payments for no
more than thirty-six months immediately preceding the month in which
written application for retirement due to disability was received by
the system.
c. A vested member who terminated service due to a
disability, who has been issued payment for a refund pursuant to
section 97B.53, and who subsequently commences receiving disability
benefits as a result of that disability pursuant to the federal
Social Security Act, 42 U.S.C. § 423 et seq. or the federal Railroad
Retirement Act, 45 U.S.C. § 231 et seq., may receive credit for
membership service for the period covered by the refund payment, upon
repayment to the system of the actuarial cost of receiving service
credit for the period covered by the refund payment, as determined by
the system. For purposes of this paragraph, the actuarial cost of
the service purchase shall be determined as provided in section
97B.80C. The payment to the system as provided in this paragraph
shall be made within ninety days after July 1, 2000, or the date
federal disability payments commenced, whichever occurs later. For
purposes of this paragraph, the date federal disability payments
commence shall be the date that the member actually receives the
first such payment, regardless of any retroactive payments included
in that payment. A member who repurchases service credit under this
paragraph and applies for retirement benefits shall have the member's
monthly allowance, including retroactive adjustment payments,
determined in the same manner as provided in paragraph "a" or
"b", as applicable.
d. For a vested member who retires from the retirement system
due to disability on or after July 1, 2009, and commences receiving
disability benefits pursuant to the federal Railroad Retirement Act,
45 U.S.C. § 231 et seq., or the federal Social Security Act, 42
U.S.C. § 423 et seq., the system may require the vested member to
certify on an annual basis continued eligibility for disability
payments under the federal Railroad Retirement Act or the federal
Social Security Act. If the vested member is under the age at which
disability benefits are converted under the federal Social Security
Act or the federal Railroad Retirement Act to retirement benefits and
is no longer eligible for disability payments under either the
federal Railroad Retirement Act or the federal Social Security Act,
the vested member shall no longer be eligible to receive retirement
benefits as provided by this subsection. If the system has paid
retirement benefits to the member between the month the member was no
longer eligible for payment pursuant to the federal Railroad
Retirement Act or the federal Social Security Act and the month the
system terminated retirement benefits under this paragraph, the
member shall return all retirement benefits paid by the system
following the termination of such federal disability benefits, plus
interest. The system shall adopt rules pursuant to chapter 17A to
implement this paragraph.
3. A member who is at least sixty-two years of age and less than
sixty-five years of age, and who has completed twenty or more years
of membership service and prior service, shall receive benefits under
sections 97B.49A through 97B.49G, as applicable, determined as if the
member had attained sixty-five years of age.
