97B.68 EMPLOYEES UNDER FEDERAL CIVIL SERVICE.
1. Effective July 1, 1996, a person who is a member of the
federal civil service retirement program or the federal employee's
retirement system is not eligible for membership in the Iowa public
employees' retirement system for the same position, and this chapter
does not apply to that employee. An employee whose membership in the
federal civil service retirement program or the federal employee's
retirement system is subsequently terminated shall immediately notify
the employee's employer and the system of that fact, and the employee
shall become subject to this chapter on the date the notification is
received by the system.
2. Upon termination of membership in the Iowa public employees'
retirement system under the provisions of this section, the employee
shall be paid from the Iowa public employees' retirement fund within
six months of the termination a lump sum cash amount equal to the sum
of:
a. Such member's accumulated contributions as defined in
subsection 2 of section 97B.1A, computed as of July 4, 1959, plus
b. The total amount contributed to the Iowa old-age and
survivors' insurance fund prior to July 1, 1953, by such member which
was transferred to the retirement fund as of July 1, 1953, and would
have been refundable to the member had the member not elected to
receive prior service credit in accordance with section 97B.43, with
interest on such amount at two percent per annum compounded annually
from July 1, 1953, to July 4, 1959.
3. Effective July 1, 1996, an employee who participates in the
federal civil service retirement program or the federal employee's
retirement system may be covered under this chapter if otherwise
eligible. The employee shall not be covered under this chapter,
however, unless the employee is not credited for service in the
federal civil service retirement system or the federal employee's
retirement system for the position to be covered under this chapter.
This subsection shall not be construed to permit any employer to
contribute on behalf of an employee for the same position and the
same period of service to both the Iowa public employees' retirement
system and either the federal civil service retirement program or the
federal employee's retirement system.
97B.68 EMPLOYEES UNDER FEDERAL CIVIL SERVICE.
1. Effective July 1, 1996, a person who is a member of the
federal civil service retirement program or the federal employee's
retirement system is not eligible for membership in the Iowa public
employees' retirement system for the same position, and this chapter
does not apply to that employee. An employee whose membership in the
federal civil service retirement program or the federal employee's
retirement system is subsequently terminated shall immediately notify
the employee's employer and the system of that fact, and the employee
shall become subject to this chapter on the date the notification is
received by the system.
2. Upon termination of membership in the Iowa public employees'
retirement system under the provisions of this section, the employee
shall be paid from the Iowa public employees' retirement fund within
six months of the termination a lump sum cash amount equal to the sum
of:
a. Such member's accumulated contributions as defined in
subsection 2 of section 97B.1A, computed as of July 4, 1959, plus
b. The total amount contributed to the Iowa old-age and
survivors' insurance fund prior to July 1, 1953, by such member which
was transferred to the retirement fund as of July 1, 1953, and would
have been refundable to the member had the member not elected to
receive prior service credit in accordance with section 97B.43, with
interest on such amount at two percent per annum compounded annually
from July 1, 1953, to July 4, 1959.
3. Effective July 1, 1996, an employee who participates in the
federal civil service retirement program or the federal employee's
retirement system may be covered under this chapter if otherwise
eligible. The employee shall not be covered under this chapter,
however, unless the employee is not credited for service in the
federal civil service retirement system or the federal employee's
retirement system for the position to be covered under this chapter.
This subsection shall not be construed to permit any employer to
contribute on behalf of an employee for the same position and the
same period of service to both the Iowa public employees' retirement
system and either the federal civil service retirement program or the
federal employee's retirement system.
97B.68 EMPLOYEES UNDER FEDERAL CIVIL SERVICE.
1. Effective July 1, 1996, a person who is a member of the
federal civil service retirement program or the federal employee's
retirement system is not eligible for membership in the Iowa public
employees' retirement system for the same position, and this chapter
does not apply to that employee. An employee whose membership in the
federal civil service retirement program or the federal employee's
retirement system is subsequently terminated shall immediately notify
the employee's employer and the system of that fact, and the employee
shall become subject to this chapter on the date the notification is
received by the system.
2. Upon termination of membership in the Iowa public employees'
retirement system under the provisions of this section, the employee
shall be paid from the Iowa public employees' retirement fund within
six months of the termination a lump sum cash amount equal to the sum
of:
a. Such member's accumulated contributions as defined in
subsection 2 of section 97B.1A, computed as of July 4, 1959, plus
b. The total amount contributed to the Iowa old-age and
survivors' insurance fund prior to July 1, 1953, by such member which
was transferred to the retirement fund as of July 1, 1953, and would
have been refundable to the member had the member not elected to
receive prior service credit in accordance with section 97B.43, with
interest on such amount at two percent per annum compounded annually
from July 1, 1953, to July 4, 1959.
3. Effective July 1, 1996, an employee who participates in the
federal civil service retirement program or the federal employee's
retirement system may be covered under this chapter if otherwise
eligible. The employee shall not be covered under this chapter,
however, unless the employee is not credited for service in the
federal civil service retirement system or the federal employee's
retirement system for the position to be covered under this chapter.
This subsection shall not be construed to permit any employer to
contribute on behalf of an employee for the same position and the
same period of service to both the Iowa public employees' retirement
system and either the federal civil service retirement program or the
federal employee's retirement system.
