97B.66 FORMER MEMBERS.
A vested or retired member who was a member of the teachers
insurance and annuity association-college retirement equities fund
(TIAA-CREF) at any time between July 1, 1967, and June 30, 1971, and
who became a member of the retirement system on July 1, 1971, upon
submitting verification of service and wages earned during the
applicable period of service under the teachers insurance and annuity
association-college retirement equities fund, may make employer and
employee contributions to the retirement system based upon the
covered wages of the member and the covered wages and the
contribution rates in effect for all or a portion of that period of
service and receive credit for membership service under this
retirement system equivalent to the applicable period of membership
service in the teachers insurance and annuity association-college
retirement equities fund for which the contributions have been made.
In addition, a member making employer and employee contributions
because of membership in the teachers insurance and annuity
association-college retirement equities fund under this section who
was a member of the retirement system on June 30, 1967, and withdrew
the member's accumulated contributions because of membership on July
1, 1967, in the teachers insurance and annuity association-college
retirement equities fund, may make employee contributions to the
retirement system for all or a portion of the period of service under
the retirement system prior to July 1, 1967. A member making
contributions pursuant to this section may make the contributions
either for the entire applicable period of service, or for portions
of the period of service, and if contributions are made for portions
of the period of service, the contributions shall be in increments of
one or more calendar quarters.
The contributions paid by the vested or retired member shall be
equal to the accumulated contributions as defined in section 97B.1A,
subsection 2, by the member for the applicable period of service, and
the employer contribution for the applicable period of service under
the teachers insurance and annuity association-college retirement
equities fund (TIAA-CREF), that would have been or had been
contributed by the vested or retired member and the employer, if
applicable, plus interest on the contributions that would have
accrued for the applicable period from the date the previous
applicable period of service commenced under this retirement system
or from the date the service of the member in the teachers insurance
and annuity association-college retirement equities fund (TIAA-CREF)
commenced to the date of payment of the contributions by the member
as provided in section 97B.70.
However, the system shall ensure that the member, in exercising an
option provided in this section, does not exceed the amount of annual
additions to a member's account permitted pursuant to section 415 of
the federal Internal Revenue Code.
97B.66 FORMER MEMBERS.
A vested or retired member who was a member of the teachers
insurance and annuity association-college retirement equities fund
(TIAA-CREF) at any time between July 1, 1967, and June 30, 1971, and
who became a member of the retirement system on July 1, 1971, upon
submitting verification of service and wages earned during the
applicable period of service under the teachers insurance and annuity
association-college retirement equities fund, may make employer and
employee contributions to the retirement system based upon the
covered wages of the member and the covered wages and the
contribution rates in effect for all or a portion of that period of
service and receive credit for membership service under this
retirement system equivalent to the applicable period of membership
service in the teachers insurance and annuity association-college
retirement equities fund for which the contributions have been made.
In addition, a member making employer and employee contributions
because of membership in the teachers insurance and annuity
association-college retirement equities fund under this section who
was a member of the retirement system on June 30, 1967, and withdrew
the member's accumulated contributions because of membership on July
1, 1967, in the teachers insurance and annuity association-college
retirement equities fund, may make employee contributions to the
retirement system for all or a portion of the period of service under
the retirement system prior to July 1, 1967. A member making
contributions pursuant to this section may make the contributions
either for the entire applicable period of service, or for portions
of the period of service, and if contributions are made for portions
of the period of service, the contributions shall be in increments of
one or more calendar quarters.
The contributions paid by the vested or retired member shall be
equal to the accumulated contributions as defined in section 97B.1A,
subsection 2, by the member for the applicable period of service, and
the employer contribution for the applicable period of service under
the teachers insurance and annuity association-college retirement
equities fund (TIAA-CREF), that would have been or had been
contributed by the vested or retired member and the employer, if
applicable, plus interest on the contributions that would have
accrued for the applicable period from the date the previous
applicable period of service commenced under this retirement system
or from the date the service of the member in the teachers insurance
and annuity association-college retirement equities fund (TIAA-CREF)
commenced to the date of payment of the contributions by the member
as provided in section 97B.70.
However, the system shall ensure that the member, in exercising an
option provided in this section, does not exceed the amount of annual
additions to a member's account permitted pursuant to section 415 of
the federal Internal Revenue Code.
97B.66 FORMER MEMBERS.
A vested or retired member who was a member of the teachers
insurance and annuity association-college retirement equities fund
(TIAA-CREF) at any time between July 1, 1967, and June 30, 1971, and
who became a member of the retirement system on July 1, 1971, upon
submitting verification of service and wages earned during the
applicable period of service under the teachers insurance and annuity
association-college retirement equities fund, may make employer and
employee contributions to the retirement system based upon the
covered wages of the member and the covered wages and the
contribution rates in effect for all or a portion of that period of
service and receive credit for membership service under this
retirement system equivalent to the applicable period of membership
service in the teachers insurance and annuity association-college
retirement equities fund for which the contributions have been made.
In addition, a member making employer and employee contributions
because of membership in the teachers insurance and annuity
association-college retirement equities fund under this section who
was a member of the retirement system on June 30, 1967, and withdrew
the member's accumulated contributions because of membership on July
1, 1967, in the teachers insurance and annuity association-college
retirement equities fund, may make employee contributions to the
retirement system for all or a portion of the period of service under
the retirement system prior to July 1, 1967. A member making
contributions pursuant to this section may make the contributions
either for the entire applicable period of service, or for portions
of the period of service, and if contributions are made for portions
of the period of service, the contributions shall be in increments of
one or more calendar quarters.
The contributions paid by the vested or retired member shall be
equal to the accumulated contributions as defined in section 97B.1A,
subsection 2, by the member for the applicable period of service, and
the employer contribution for the applicable period of service under
the teachers insurance and annuity association-college retirement
equities fund (TIAA-CREF), that would have been or had been
contributed by the vested or retired member and the employer, if
applicable, plus interest on the contributions that would have
accrued for the applicable period from the date the previous
applicable period of service commenced under this retirement system
or from the date the service of the member in the teachers insurance
and annuity association-college retirement equities fund (TIAA-CREF)
commenced to the date of payment of the contributions by the member
as provided in section 97B.70.
However, the system shall ensure that the member, in exercising an
option provided in this section, does not exceed the amount of annual
additions to a member's account permitted pursuant to section 415 of
the federal Internal Revenue Code.
