Purchase of eligible service credit.

; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; courier new tur ; arial (vietnamese) ; courier new (arabic) ; times new roman ce ; tahoma (vietnamese) ; arial (hebrew) ; times new roman cyr ; courier new greek ; symbol ; tahoma (hebrew) ; arial ; arial baltic ; arial tur ; times new roman (arabic) ; courier new ; imperial bt ; tahoma ce ; wingdings ; tahoma cyr ; times new roman tur ; courier new ce ; tahoma ; courier new (hebrew) ; arial (arabic) ; courier new baltic ; courier new cyr ; times new roman ; tahoma baltic ; tahoma (arabic) ; arial ce ; courier new (vietnamese) ; tahoma (thai) ; times new roman greek ; tahoma greek ; tahoma tur ; times new roman (hebrew) ; times new roman baltic ; times new roman (vietnamese) ; arial greek ; arial cyr ; \* .;
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 ?; ; ; Normal ; heading 1 ; heading 2 ; heading 3 ; heading 4 ; heading 5 ; heading 6 ; heading 7 ; heading 8 ; heading 9 ; Balloon Text ; Block Text ; Body Text ; Body Text 2 ; Body Text 3 ; Body Text First Indent ; Body Text First Indent 2 ; Body Text Indent 2 ; Body Text Indent 3 ; caption ; Closing ; annotation text ; annotation subject ; Date ; Document Map ; E-mail Signature ; endnote text ; envelope address ; envelope return ; footer ; footnote text ; header ; HTML Address ; HTML Preformatted ; index 1 ; index 2 ; index 3 ; index 4 ; index 5 ; index 6 ; index 7 ; index 8 ; index 9 ; index heading ; List ; List 2 ; List 3 ; List 4 ; List 5 ; List Bullet ; List Bullet 2 ; List Bullet 3 ; List Bullet 4 ; List Bullet 5 ; List Continue ; List Continue 2 ; List Continue 3 ; List Continue 4 ; List Continue 5 ; List Number ; List Number 2 ; List Number 3 ; List Number 4 ; List Number 5 ; macro ; Message Header ; Normal (Web) ; Normal Indent ; Note Heading ; Plain Text ; Salutation ; Signature ; Subtitle ; table of authorities ; table of figures ; Title ; toa heading ; toc 1 ; toc 2 ; toc 3 ; toc 4 ; toc 5 ; toc 6 ; toc 7 ; toc 8 ; toc 9 ; \~\~ \~\~ \~\~ \~\~ \~\~ 97A.10 \~\~ Purchase of eligible service credit. \~\~ 1. \~\~ For purposes of this section : \~\~ a. \~\~ (1) \~\~ “Eligible qualified service” means service as a member of a city fire retirement system or police retirement system operating under chapter 411 prior to January 1, 1992, for which service was not eligible to be transferred to this system pursuant to section 97A.17 . \~\~ (2) \~\~ “Eligible qualified service” under this paragraph “a” does not include service if the receipt of credit for such service would result in the member receiving a retirement benefit under more than one retirement plan for the same period of service. \~\~ b. \~\~ “Permissive service credit” means credit that will be recognized by the retirement system for purposes of calculating a member’s benefit, for which the member did not previously receive service credit in the retirement system, and for which the member voluntarily contributes to the retirement system the amount required by the retirement system, not in excess of the amount necessary to fund the benefit attributable to such service. \~\~ 2. \~\~ An active member of the system may make contributions to the system to purchase up to the maximum amount of permissive service credit for eligible qualified service as determined by the system, pursuant to Internal Revenue Code section 415(n) and the requirements of this section . A member seeking to purchase permissive service credit pursuant to this section shall file a written application along with appropriate documentation with the department by July 1, 2011. \~\~ 3. \~\~ A member making contributions for a purchase of permissive service credit for eligible qualified service under this section shall make contributions in an amount equal to the actuarial cost of the permissive service credit purchase, less an amount equal to the member’s contributions under chapter 411 for the period of eligible qualified service together with interest at a rate determined by the board of trustees. For purposes of this subsection , the actuarial cost of the permissive service credit 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 permissive service credit. 2006 Acts, ch 1028, §1 ; 2008 Acts, ch 1032, §201 ; 2010 Acts, ch 1167, §10, 11