State Codes and Statutes
Statutes >
Iowa >
Title-3 >
Subtitle-3 >
Chapter-97d >
97d-5
97D.5 PUBLIC RETIREMENT SYSTEMS -- ANNUAL ACTUARIAL
VALUATIONS -- REQUIRED INFORMATION.
1. For purposes of this section, "public retirement system"
means the public safety peace officers' retirement system created in
chapter 97A, the Iowa public employees' retirement system created in
chapter 97B, the statewide fire and police retirement system created
in chapter 411, or the judicial retirement system created in chapter
602.
2. Effective with the fiscal year beginning July 1, 2008, a
public retirement system shall include in each actuarial valuation or
actuarial update required to be conducted by that public retirement
system the following additional information, all as determined by
using the entry age normal actuarial cost method:
a. The actuarially required contribution rate for the public
retirement system which is equal to the normal cost rate plus the
contribution rate necessary to amortize the unfunded actuarial
accrued liability on a level percent of payroll basis over thirty
years.
b. The normal cost rate for the public retirement system
which shall be determined for each individual member on a level
percentage of salary basis and then summed for all members to obtain
the total normal cost. Section History: Recent Form
2008 Acts, ch 1171, §62
Referred to in § 97A.5, 97B.4, 411.5, 602.9116
