97B.80 VETERAN'S CREDIT.
1. Effective July 1, 1992, a vested or retired member who has one
or more full calendar years of covered wages and who at any time
served on active duty in the armed forces of the United States, upon
submitting verification of the dates of the active duty service, may
make contributions to the retirement system for all or a portion of
the period of time of the active duty service, in increments of one
or more calendar quarters, and receive credit for membership service
and prior service for the period of time for which the contributions
are made.
2. The contributions required to be made for purposes of this
section shall be determined as follows:
a. For a member making contributions for a purchase of
additional service prior to July 1, 1999, the contributions to be
paid, representing both employer and employee contributions, shall be
based upon the member's covered wages for the most recent full
calendar year in which the member had reportable wages at the
applicable rates in effect for that year under sections 97B.11,
97B.49B, 97B.49C, and 97B.49G. If the member's most recent covered
wages were earned prior to the most recent calendar year, the
member's covered wages shall be adjusted by the system by an
inflation factor to reflect changes in the economy.
b. For a member making contributions for a purchase of
additional service on or after July 1, 1999, the member shall make
contributions in an amount equal to the actuarial cost of the service
purchase. For purposes of this paragraph, the actuarial cost of the
service purchase is an amount determined by the system in accordance
with actuarial tables, as reported to the system by the system's
actuary, which reflects the actuarial cost necessary to fund an
increased retirement allowance resulting from the purchase of
additional service.
3. Verification of active duty service and payment of
contributions shall be made to the system. However, a member is not
eligible to make contributions under this section if the member is
receiving, is eligible to receive, or may in the future be eligible
to receive retirement pay from the United States government for
active duty in the armed forces, except for retirement pay granted by
the United States government under retired pay for nonregular service
pursuant to 10 U.S.C. § 12731--12739. A member receiving retired pay
for nonregular service who makes contributions under this section
shall provide information required by the system documenting time
periods covered under retired pay for nonregular service.
4. Effective July 1, 2004, a member eligible for an increased
retirement allowance because of the payment of contributions under
this section is entitled to adjusted payments beginning with the
month in which the member pays contributions under this section.
5. 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.80 VETERAN'S CREDIT.
1. Effective July 1, 1992, a vested or retired member who has one
or more full calendar years of covered wages and who at any time
served on active duty in the armed forces of the United States, upon
submitting verification of the dates of the active duty service, may
make contributions to the retirement system for all or a portion of
the period of time of the active duty service, in increments of one
or more calendar quarters, and receive credit for membership service
and prior service for the period of time for which the contributions
are made.
2. The contributions required to be made for purposes of this
section shall be determined as follows:
a. For a member making contributions for a purchase of
additional service prior to July 1, 1999, the contributions to be
paid, representing both employer and employee contributions, shall be
based upon the member's covered wages for the most recent full
calendar year in which the member had reportable wages at the
applicable rates in effect for that year under sections 97B.11,
97B.49B, 97B.49C, and 97B.49G. If the member's most recent covered
wages were earned prior to the most recent calendar year, the
member's covered wages shall be adjusted by the system by an
inflation factor to reflect changes in the economy.
b. For a member making contributions for a purchase of
additional service on or after July 1, 1999, the member shall make
contributions in an amount equal to the actuarial cost of the service
purchase. For purposes of this paragraph, the actuarial cost of the
service purchase is an amount determined by the system in accordance
with actuarial tables, as reported to the system by the system's
actuary, which reflects the actuarial cost necessary to fund an
increased retirement allowance resulting from the purchase of
additional service.
3. Verification of active duty service and payment of
contributions shall be made to the system. However, a member is not
eligible to make contributions under this section if the member is
receiving, is eligible to receive, or may in the future be eligible
to receive retirement pay from the United States government for
active duty in the armed forces, except for retirement pay granted by
the United States government under retired pay for nonregular service
pursuant to 10 U.S.C. § 12731--12739. A member receiving retired pay
for nonregular service who makes contributions under this section
shall provide information required by the system documenting time
periods covered under retired pay for nonregular service.
4. Effective July 1, 2004, a member eligible for an increased
retirement allowance because of the payment of contributions under
this section is entitled to adjusted payments beginning with the
month in which the member pays contributions under this section.
5. 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.80 VETERAN'S CREDIT.
1. Effective July 1, 1992, a vested or retired member who has one
or more full calendar years of covered wages and who at any time
served on active duty in the armed forces of the United States, upon
submitting verification of the dates of the active duty service, may
make contributions to the retirement system for all or a portion of
the period of time of the active duty service, in increments of one
or more calendar quarters, and receive credit for membership service
and prior service for the period of time for which the contributions
are made.
2. The contributions required to be made for purposes of this
section shall be determined as follows:
a. For a member making contributions for a purchase of
additional service prior to July 1, 1999, the contributions to be
paid, representing both employer and employee contributions, shall be
based upon the member's covered wages for the most recent full
calendar year in which the member had reportable wages at the
applicable rates in effect for that year under sections 97B.11,
97B.49B, 97B.49C, and 97B.49G. If the member's most recent covered
wages were earned prior to the most recent calendar year, the
member's covered wages shall be adjusted by the system by an
inflation factor to reflect changes in the economy.
b. For a member making contributions for a purchase of
additional service on or after July 1, 1999, the member shall make
contributions in an amount equal to the actuarial cost of the service
purchase. For purposes of this paragraph, the actuarial cost of the
service purchase is an amount determined by the system in accordance
with actuarial tables, as reported to the system by the system's
actuary, which reflects the actuarial cost necessary to fund an
increased retirement allowance resulting from the purchase of
additional service.
3. Verification of active duty service and payment of
contributions shall be made to the system. However, a member is not
eligible to make contributions under this section if the member is
receiving, is eligible to receive, or may in the future be eligible
to receive retirement pay from the United States government for
active duty in the armed forces, except for retirement pay granted by
the United States government under retired pay for nonregular service
pursuant to 10 U.S.C. § 12731--12739. A member receiving retired pay
for nonregular service who makes contributions under this section
shall provide information required by the system documenting time
periods covered under retired pay for nonregular service.
4. Effective July 1, 2004, a member eligible for an increased
retirement allowance because of the payment of contributions under
this section is entitled to adjusted payments beginning with the
month in which the member pays contributions under this section.
5. 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.
