Title III, PUBLIC SERVICES AND REGULATION (Ch. 80 - 122C)

The system, by rule, may establish and maintain a qualified benefits arrangement under section 415(m) of the federal Internal Revenue Code. The amount of any annual benefit that would be payable pursuant to this chapter but for the limitation imposed by section 415 of the federal…

1. Except as otherwise provided in this section , a vested member who is at least fifty-five years of age, upon retirement prior to the normal retirement date for that member, is entitled to receive a monthly retirement allowance determined in the same manner as provided for norm…

1. Definitions. For purposes of this section , unless the context otherwise provides: a. “Member” means a vested member who is classified as a special service member under section 97B.1A, subsection 22 , at the time of the alleged disability. “Member” does not mean a volunteer fi…

1. Each member has the right prior to the member’s retirement date to elect to have the member’s retirement allowance payable under one of the options set forth in this section . The amount of the optional retirement allowance selected in paragraph “a” , “c” , “d” , “e” , or “f” …

1. If an inactive member who is vested by service, or any active member, dies prior to the member’s first month of entitlement, the member’s beneficiary shall be entitled to receive a death benefit equal to the greater of the amount provided in paragraph “a” or “b” . If an inacti…

1. A member has a bona fide retirement when the member terminates all employment covered under the chapter or formerly covered under the chapter pursuant to section 97B.42 , files a completed application for benefits form with the system, survives into the month for which benefit…

Membership in the retirement system, and all rights to the benefits under the retirement system, cease upon a member’s termination of employment with the employer prior to the member’s retirement, other than by death, and upon receipt by the member of a refund of moneys in the me…

1. As used in this section , unless the context otherwise requires, and to the extent permitted by the internal revenue service: a. “Direct rollover” means a payment by the system to the eligible retirement plan specified by an eligible person. b. “Eligible person” means any of t…

The assets of the old-age and survivors’ liquidation fund, established by sections 97.50 through 97.53 and any future payments or assets payable to the old-age and survivors’ liquidation fund, are transferred to the retirement fund, and all payments due in accordance with the pro…

To enable the system to administer this chapter and perform its functions, the employer shall, upon the request of and in the manner provided by the system, provide accurate, complete, and timely information to the system of all matters relating to the pay of all members, date of…

Every employee accepting employment or continuing in employment shall as long as the employee continues to be a member and has not become a member of another retirement system in the state which is maintained in whole or in part by public contributions or payments be deemed to co…

None of the laws of this state regulating insurance or insurance companies shall apply to the system or to the retirement system or any of its funds. [C46, 50, §97.47; C54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §97B.64 ] 2001 Acts, ch 68, §21, 24 ; 2003 Acts, ch 145, §180

1. The right is reserved to the general assembly to alter, amend, or repeal any provision of this chapter or any application thereof to any person, provided, however, that to the extent of the funds in the retirement system the amount of benefits which at the time of any such alt…

1. 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 ver…

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…

1. There is hereby created as a special fund, separate and apart from all other public moneys or funds of this state, the “Iowa Public Employees’ Retirement Fund”, hereafter called the “retirement fund”. The retirement fund shall consist of all moneys collected under this chapter…

1. For calendar years prior to January 1, 1997, interest at two percent per annum and interest dividends declared by the system shall be credited to the member’s contributions and the employer’s contributions to become part of the accumulated contributions and accumulated employe…

1. Investment and investment policy standards. In establishing the investment policy of the retirement fund and providing for the investment of the retirement fund, the system and board shall do the following: a. Exercise the judgment and care, under the circumstances then prevai…

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 contri…

1. Definitions. For purposes of this section : a. “Nonqualified service” means any of the following: (1) Service that is not qualified service. (2) Any period of time for which there was no performance of services. (3) Service as described in subsection 1 , paragraph “c” , subpar…

1. Effective July 1, 2002, a member may, to the extent permitted by the internal revenue service, purchase any service credit permitted under this chapter by means of a direct rollover or a direct transfer as provided in this section pursuant to rules adopted by the system and co…

1. Board established. A board is established to be known as the “Investment Board of the Iowa Public Employees’ Retirement System”, referred to in this chapter as the “board”. The duties of the board are to establish policy, and review its implementation, in matters relating to t…

1. Committee established. A benefits advisory committee shall be established whose duty is to consider and make recommendations to the system and the general assembly concerning the provision of benefits and services to members of the retirement system. 2. Membership. The benefit…

1. An employer shall be charged the greater of twenty dollars per occurrence or interest at the combined interest and dividend rate required under section 97B.70 for the applicable calendar year for contributions unpaid on the date on which they are due and payable as prescribed …

Notwithstanding any provision of this chapter to the contrary, the system may, in its sole discretion, waive the collection of benefits overpayments, contribution underpayments, or any other debts owed the system, that occur more than three years prior to the date of discovery of…