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Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 7 - Service Credit and Vesting Status › Rule 495-7.1 - Service Credit

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
General.
a. A member shall receive membership service
			 credit for service rendered after July 4, 1953. Service is counted to the
			 complete quarter calendar year. A calendar year shall not include more than
			 four quarters.
b. From July 4,
			 1953, through June 30, 1965, a member received one quarter of service credit
			 for each quarter in which the member's covered wages totaled at least $200.
			 From July 1, 1965, through June 30, 1992, a member received one quarter of
			 service credit for each quarter in which the member's covered wages totaled at
			 least $300. For quarters beginning July 1, 1992, and later, a member shall
			 receive one quarter of service credit for each calendar quarter in which at
			 least $1 of covered wages is reported.
c. Notwithstanding paragraph 7.1(1)
"b
			 "
above, a member who is on an unpaid leave of absence and who during
			 the period covered by the unpaid leave performs services for the covered
			 employer granting the unpaid leave shall not receive service credit for such
			 services until the employer has reported $1,000 in each of two consecutive
			 quarters included in the unpaid leave period, and such service credit shall be
			 granted only with respect to quarters beginning after said two consecutive
			 quarters.
d. A nonvested member who
			 terminates covered employment prior to attaining the age of 55, but who has
			 covered wages in the year in which the member attains the age of 55 shall be
			 treated as a vested member.
e.
			 Notwithstanding paragraph 7.1(1)
"d"
above, effective July 1,
			 2012, a nonvested member who is not vested by age as of June 30, 2012, can only
			 become vested by age if the member terminates employment at age 65 or older
			 while in covered employment.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 7 - Service Credit and Vesting Status › Rule 495-7.2 - Vesting Status

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
General.
a. Effective July
			 1, 1990, through June 30, 2005, a member achieves vested status when the member
			 has served and made contributions in 16 or more quarters of IPERS covered
			 employment or attains the age of 55. The vested status of a member may also be
			 determined when the member's contribution payments cease. At that time a
			 comparison of the membership date and termination date will be made. If service
			 sufficient to indicate vested status is present, after any periods of
			 interruption in service have been taken into consideration, the member shall be
			 considered a vested member. All vested members receive all the rights and
			 benefits of a vested member in IPERS until or unless the member files for a
			 refund of accumulated contributions.
b. Effective July 1,2005, a terminated
			 nonvested member who has not attained the age of 55 shall not become vested
			 upon attainment of the age of 55 while an inactive member. However, a member
			 who terminates before attaining the age of 55 who has covered wages in the
			 calendar year when the member terminates and the member attains the age of 55
			 in that year shall become vested, even if the member has less than 16 quarters
			 of service credit on file at termination.
c. Effective July 1, 2012, vesting by age and
			 vesting by service shall be determined as provided in Iowa Code section 97B. 1
			 A(25)
"a "
through
"d. "
A member who is vested
			 by age or by service as of June 30, 2012, shall remain vested following the
			 implementation of new vesting requirements on July 1, 2012.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 8 - Service Purchases › Rule 495-8.1 - Service Eligible for Purchase

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Estimates and cost quotes.
All service purchase estimates and
			 cost quotes shall be calculated at actuarial cost. The following procedures and
			 calculations shall apply:
a.
Service
			 purchase estimate prior to retirement.
Members who are vested by
			 service may request a service purchase estimate by completing and submitting a
			 service purchase application. Once the application is submitted, IPERS shall
			 complete a cost estimate. This calculation is an estimate only and is not
			 considered binding. The cost estimate shall be calculated as follows:
(1) IPERS will calculate the actuarial cost
			 by capturing the projected baseline benefit attributes at the member's
			 anticipated retirement date without any service purchase quarterly credits
			 including: average salary, years of service, the Option 2 benefit amount,
			 accumulated member contributions and the calculated present-day reserve value.
			 The present-day reserve value is a lump sum value calculated with actuarial
			 tables provided by the system's actuary which represents the lump sum value
			 sufficient to pay the monthly benefits over the member's expected life
			 span.
(2) With each potential
			 purchasable quarterly service credit, IPERS will recalculate the Option 2
			 benefit amount. A new present-day reserve value will also be calculated. The
			 cost of each quarterly service credit will be the difference between the new
			 reserve amount and the previous one.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 8 - Service Purchases › Rule 495-8.2 - Revocation of Service Purchase Application and Refund of Amounts Paid

Current through Register Vol. 47, No. 3, July 24, 2024
A member may revoke a service purchase application and receive
				a refund without interest of all or a portion of amounts paid to IPERS to buy
				back prior service credit or to purchase credit for other service pursuant to
				Iowa Code chapter 97B. The revocation must be made in writing and must be made
				within 60 days after the date of receipt of such amounts by IPERS. Such refunds
				shall be in increments representing one or more quarters. Furthermore, this
				rule shall not limit IPERS' ability to refund service purchase amounts when
				required in order to meet the provisions of the Internal Revenue Code that
				apply to IPERS. This rule shall be effective for revocation requests received
				by IPERS on or after May 3, 1996.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 8 - Service Purchases › Rule 495-8.3 - Irc Section 415 (n) Compliance

Current through Register Vol. 47, No. 3, July 24, 2024
Service purchases made under this chapter, including buy-backs
				and buy-ups, shall not exceed the defined contribution dollar limit then in
				effect under Internal Revenue Code Section 415(c)(1), per calendar year, as
				provided under IRC Section 415(n)(2)(B). In addition, the amounts contributed
				for service purchases under this chapter shall not exceed the amount required
				to purchase the service according to the current cost schedules. In
				implementing these and the other requirements of IRC Section 415(n), IPERS
				shall use the following procedures.
(1) If the member's total benefit at
			 retirement passes the fully reduced IRC Section 415(b) dollar limit test, IPERS
			 shall pay the total benefit.
(2) If
			 the member's total benefit at retirement fails the fully reduced IRC Section
			 415(b) dollar limit test, and the member made one or more service purchases,
			 IPERS shall perform the applicable IRC Section 415 tests, with adjustments for
			 posttax service purchases and other posttax contributions, and pay excess
			 amounts, if any, under a qualified benefits arrangement authorized under Iowa
			 Code section
			 97B.49I.
(3) IPERS permits the purchase of
			 nonqualified service credit, as defined under IRC Section 415(n). "Nonqualified
			 service" means:
a. Service that is not
			 qualified service under Iowa Code section
			 97B.80C;
			 and
b. Service for which no
			 services were performed; and
c.
			 Service for which the member is entitled to receive retirement benefits under
			 another retirement plan. A member must have 20 quarters of existing service to
			 make such a purchase. Nonqualified service credit purchased shall not exceed 20
			 quarters. This limit is an aggregate limit that applies to all quarters
			 categorized as nonqualified service credit.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 8 - Service Purchases › Rule 495-8.5 - Additional Information, Procedures and Limitations

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Additional service purchase
			 procedures.
a. Service purchase cost
			 quotes for members currently in special service positions shall be prepared as
			 special service credit.
b. Members
			 covered under another retirement plan. Members who wish to buy service credit
			 for employment that is covered by another retirement plan qualified under IRC
			 Section 401, IRC Section 403 or 457 and similar plans and retirement pay from
			 the United States government for active duty in the armed forces (except
			 retirement pay for nonregular service pursuant to 10U.S.C. Sections 12731-12739
			) must waive their right to benefits based on the service credit that is being
			 purchased under IPERS.
c. Effective
			 January 1, 2007, IPERS may, notwithstanding certain provisions of Iowa Code
			 section
			 97B.82
			 adopted in order to comply with prior rollover provisions of the Internal
			 Revenue Code, utilize forms and procedures permitting direct rollover service
			 purchases to include after-tax amounts as provided under the applicable
			 rollover provisions of the Internal Revenue Code as amended subsequent to the
			 enactment of Iowa Code section
			 97B.82.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 8 - Service Purchases › Rule 495-8.6 - Adjustments

Current through Register Vol. 47, No. 3, July 24, 2024
If an error in the service purchase cost is discovered or a
				member's account is adjusted in any manner after a purchase is made, IPERS may
				rescind the service purchase, make adjustments to the service purchase cost, or
				adjust the retirement allowance to ensure the active or retired member is
				paying the actuarial cost of buying additional service.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 9 - Refunds › Rule 495-9.1 - Refunds for Members With Only One Type of Service Credit

Current through Register Vol. 47, No. 3, July 24, 2024
A member is eligible for a refund of the employee accumulated
				contributions as soon as practicable after the last date the member is
				considered an employee, provided that the employee has filed the required forms
				and has not returned to covered employment before the date the refund is paid.
				Effective July 1,1999, a vested member's refund shall also include a portion of
				the employer accumulated contributions. Refund amounts are determined as
				follows:
(1) Employee accumulated
			 contributions. Upon receiving an eligible member's application for refund,
			 IPERS shall pay to the terminated member the amount of the employee accumulated
			 contributions currently reported to, and processed by, IPERS as of the date of
			 the refund. Upon reconciliation of the final employee contributions for that
			 member, a supplemental refund of the employee accumulated contributions will be
			 paid if funds remain in the member account.
(2) Employer accumulated contributions. IPERS
			 shall also pay to vested members, in addition to the employee accumulated
			 contributions, a refund of a portion of the employer accumulated contributions.
			 The refundable portion shall be calculated by multiplying the employer
			 accumulated contributions by the "service factor" The "service factor" is a
			 fraction, the numerator of which is the member's quarters of service and the
			 denominator of which is the "applicable quarters." The "applicable quarters"
			 shall be 120 for regular members and 88 for all special service members.
All quarters of service credit shall be included in the
				numerator of the service factor In no event will a member ever receive an
				amount in excess of 100 percent of the employer accumulated contributions for
				that member
In addition to the foregoing provisions, IPERS shall calculate
				the refundable portion of the employer accumulated contributions as
				follows:
a. Upon reconciliation of the
			 final employer contributions for that member, the member's portion of the
			 employer accumulated contributions will be recalculated. IPERS will add the
			 additional quarter(s) of service to the numerator of the service factor The
			 adjusted service factor will be multiplied by the sum of the original employer
			 accumulated contributions plus the supplemental employer accumulated
			 contributions. The employer accumulated contributions included in the original
			 refund will then be subtracted from that recalculated figure to determine the
			 amount of employer accumulated contributions to be included in the supplemental
			 refund.
b. The member's portion of
			 employer accumulated contributions shall be determined under rule 9.2(97B) if
			 the member had a combination of regular service and special service, or a
			 combination of different types of special service.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 9 - Refunds › Rule 495-9.2 - Refunds for Members Eligible for a Hybrid Refund

Current through Register Vol. 47, No. 3, July 24, 2024
The calculation of the member's portion of employer accumulated
				contributions for a "hybrid refund" shall be as follows:
(1) A "hybrid refund" is a refund that is
			 calculated for a member who has a combination of regular service and special
			 service quarters.
(2) If a member
			 is eligible for a hybrid refund, the member's portion of employer accumulated
			 contributions shall be calculated by multiplying the total employer accumulated
			 contributions by:
(a) the member's regular
			 service factor, if any; and
(b) the
			 special service factor, if any (except as otherwise provided in this subrule).
			 The amounts obtained will be added together to determine the amount of the
			 employer accumulated contributions payable. In no event will a member ever
			 receive an amount in excess of 100 percent of the employer accumulated
			 contributions for that member
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 9 - Refunds › Rule 495-9.4 - General Administrative Provisions

Current through Register Vol. 47, No. 3, July 24, 2024
In addition to the foregoing, IPERS shall administer a member's
				request for a refund as follows:
(1)
			 To obtain a refund, a member must file a refund application form, which is
			 available directly from IPERS or which can be reprinted from IPERS' website:
			 www.ipers.org. Effective December 31, 2002, refund application forms shall only
			 be available from IPERS. If the member is married, election of a refund under
			 this chapter requires the written acknowledgment of the member's spouse.
			 However, the system may accept a married member's election of a refund under
			 this chapter without the written acknowledgment of the member's spouse if the
			 member submits a notarized statement affirming that, after reasonable diligent
			 efforts, the member has been unable to locate the member's spouse to obtain the
			 written acknowledgment of the spouse. The member's election of a refund shall
			 become effective upon filing the necessary forms, including the notarized
			 statement, with the system. The system shall not be liable to the member, the
			 member's spouse, nor to any other person affected by the member's election of a
			 refund based upon an election of a refund accomplished without the written
			 acknowledgment of the member's spouse.
(2) The last date the member is considered an
			 employee and the date of the last paycheck from which IPERS contributions will
			 be deducted must be certified by the employer on the refund application unless
			 the member has not been paid covered wages for at least one year or the
			 employer has provided the termination date and date of the last paycheck on the
			 monthly wage reports filed with IPERS. Terminated employees must keep IPERS
			 advised in writing of any change in address so that refunds and tax documents
			 may be delivered. Unless an electronic funds transfer is requested by the
			 member, the refund warrant will be mailed to the member at the address listed
			 on the application for refund.
(3)
			 No payment of any kind is required under this rule if the amount due is less
			 than $1.
(4) Effective July 1,
			 2004, an employee must sever all covered employment for 30 days after the date
			 the employee was last considered an employee of a covered employer.
(5) Effective November 2006, an individual
			 who previously stopped participating in IPERS to begin participating in an
			 alternative plan shall not receive a refund of that individual's IPERS account
			 while still employed by a covered employer, even if the member is no longer in
			 IPERS covered employment.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 9 - Refunds › Rule 495-9.5 - Termination of Employment-refund Option

Current through Register Vol. 47, No. 3, July 24, 2024
If a member is involuntarily terminated from covered
				employment, has been issued payment for a refund, and is retroactively
				reinstated in covered employment as a remedy for an employment dispute, the
				member may receive credit for membership service for the period covered by the
				refund payment upon repayment to the system, within 90 days after the date of
				the order or agreement requiring reinstatement, of the amount of the refund
				plus interest that would have accrued, as determined by the system. A
				reinstatement following an employment dispute shall not constitute a violation
				of Iowa Code section
				97B.53(4),
				even if the reinstatement occurs less than 30 days after the date of
				termination.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 9 - Refunds › Rule 495-9.6 - Refund Followed by Commencement of Disability Benefits Under Iowa Code Section 97b50 (2)

Current through Register Vol. 47, No. 3, July 24, 2024
If a vested member terminates covered employment, takes a
				refund, and is subsequently approved for disability under the federal Social
				Security Act or the federal Railroad Retirement Act, the member may reinstate
				membership service credit for the period covered by the refund by paying the
				actuarial cost as determined in 495-subrule 8.1(1) and within 90 days after the
				date federal social security disability or railroad retirement disability
				payments begin. Repayments must be made by:
1. For members whose federal social security
			 or railroad retirement disability payments begin before July 1, 2000, within 90
			 days after July 1, 2000; or
2. For
			 members whose social security or railroad retirement disability payments begin
			 on or after July 1, 2000, within 90 days after the date federal social security
			 or railroad retirement payments begin.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 10 - Interest on Accumulated Contributions › Rule 495-10.1 - Interest on Accumulated Contributions of Active and Inactive Members

Current through Register Vol. 47, No. 3, July 24, 2024
The term "interest" as used in this rule means a per annum
				interest rate at one percent above the interest rate on one-year certificates
				of deposit which shall be credited to the member's contributions and the
				employer's contributions to become part of the accumulated contributions. For
				purposes of this rule, the interest rate on one-year certificates of deposit
				shall be determined by IPERS based on the average rate for such certificates of
				deposit as of the first business day of each year as published in a
				publication, including Internet-based publications, of general acceptance in
				the business community. The per annum interest rate shall be credited on a
				quarterly basis by applying one quarter of the annual interest rate to the sum
				of the accumulated contributions as of the end of the previous calendar
				quarter. Interest shall be applied through the calendar quarter preceding the
				quarter in which any distribution is made.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 10 - Interest on Accumulated Contributions › Rule 495-10.3 - Interest on Undistributed Accumulated Contributions After Member's Death

Current through Register Vol. 47, No. 3, July 24, 2024
Interest shall continue to accrue on the undistributed
				accumulated contributions of a deceased member, based on the member's vested
				status at date of death, and the interest crediting method described in rule
				10.1(97B). No interest shall be credited to any postretirement death benefit
				payable with respect to that member's account under Iowa Code chapter 97B. If
				IPERS determines that a dispute among alleged heirs exists which delays the
				payment of death benefits on which interest would be payable, the amount of the
				death benefits shall be placed in a non-interest-bearing
				account.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 11 - Application For, Modification Of, and Termination of Benefits › Rule 495-11.1 - Application for Benefits

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Form used.
It is the responsibility of the member to notify
			 IPERS of the intention to retire. This should be done 60 days before the
			 expected retirement date. The application for monthly retirement benefits is
			 obtainable from IPERS, 7401 Register Drive, P.O. Box 9117, Des Moines, Iowa
			 50306-9117. The printed application form shall be completed by each member
			 applying for benefits and shall be mailed, sent by fax or brought in person to
			 IPERS. An application that is incomplete or incorrectly completed will be
			 returned to the member. To be considered complete, an application must include
			 the following:
a. Proof of date of birth for
			 the member.
b. Option selected, and
(1) If Option 1 is selected, the death
			 benefit amount.
(2) If Option 4 or
			 6 is selected, the contingent annuitant's name, social security number, proof
			 of date of birth, and relationship to member. The member must designate the
			 survivor benefit percentage, which shall be limited to one of the following:
1. One hundred percent of the member's
			 benefit amount.
2. Seventy-five
			 percent of the member's benefit amount.
3. Fifty percent of the member's benefit
			 amount.
4. Twenty-five percent of
			 the member's benefit amount.
(3) If Option 1, 2, or 5 is selected, a list
			 of beneficiaries.
c. If
			 the member has been terminated less than one year, or is applying for
			 disability benefits, the employer certification page must be completed by the
			 employer unless the employer has provided the termination date and date of the
			 last paycheck on the monthly wage reports.
d. Signature of member and spouse.
e. If the member has no spouse, "NONE" must
			 be designated.
f. If the member is
			 applying for regular disability benefits, a copy of the award letter from the
			 Social Security Administration or railroad retirement.
g. An indication whether the member is a U.S.
			 citizen, resident alien, or non-U.S. citizen.
A retirement application is deemed to be valid and binding on
				the date the first payment is paid. Members shall not cancel their
				applications, change their option choice, or change an IPERS option containing
				contingent annuitant benefits after that date.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 11 - Application For, Modification Of, and Termination of Benefits › Rule 495-11.2 - Retirement Benefits and the Age Reduction Factor

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Normal
			 retirement.
a. A member shall be
			 eligible for monthly retirement benefits with no age reduction effective with
			 the first of the month in which the member attains the age of 65, if otherwise
			 eligible.
b. Effective July 1,
			 1998, a member shall be eligible for full monthly retirement benefits with no
			 age reduction effective with the first of the month in which the member attains
			 the age of 62, if the member has 20 full years of service and is otherwise
			 eligible.
c. Effective July 1,
			 1997, a member shall be eligible to receive monthly retirement benefits with no
			 age reduction effective the first of the month in which the member's age on the
			 last birthday and the member's years of service equal or exceed 88, provided
			 that the member is at least the age of 55 and is otherwise eligible.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 11 - Application For, Modification Of, and Termination of Benefits › Rule 495-11.4 - Termination of Monthly Retirement Allowance

Current through Register Vol. 47, No. 3, July 24, 2024
A member's retirement benefit shall terminate after payment is
				made to the member for the entire month during which the member's death occurs.
				Death benefits shall begin with the month following the month in which the
				member's death occurs.
Upon the death of the retired member, IPERS will reconcile the
				decedent's account to determine if an overpayment was made to the retired
				member and if further payment(s) is due to the retired member's named
				beneficiary, contingent annuitant, heirs at law or estate. If an overpayment
				has been made to the retired member, IPERS will determine if steps should be
				taken to seek collection of the overpayment from the named beneficiary,
				contingent annuitant, estate, heirs at law, or other interested
				parties.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 11 - Application For, Modification Of, and Termination of Benefits › Rule 495-11.7 - Overpayment of Ipers Benefits

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Overpayments-general.
a. An
			 "overpayment" means a payment of money by IPERS that results in a recipient
			 receiving a higher payment than the recipient is entitled to under the
			 provisions of Iowa Code chapter 97B.
b. A "recipient" is a person or beneficiary,
			 heir, assign, or other successor in interest who receives an overpayment from
			 an IPERS benefit and is liable to repay the amount(s) upon receipt of a written
			 explanation and request for the amounts to be repaid.
c. If IPERS determines that the cost of
			 recovering the amount of an overpayment is estimated to exceed the overpayment,
			 the repayment may be deemed to be unrecoverable.
d. If the overpayment is equal to or less
			 than $50 and cannot be recovered from other IPERS payments, IPERS may limit its
			 recovery efforts to written requests for repayment and other nonjudicial
			 remedies.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 12 - Calculation of Monthly Retirement Benefits › Rule 495-12.1 - General

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Formula
			 benefit versus money purchase benefit.
If a member is vested by years
			 of service credit in IPERS, a monthly payment allowance will be paid in
			 accordance with the formulas set forth in Iowa Code sections
			 97B.49A
			 through
			 97B.49I,
			 the applicable paragraphs of this chapter, and the option the member elects
			 pursuant to Iowa Code section
			 97B.51(1).
			 IPERS shall determine on the applicable forms which designated fractions of a
			 member's monthly retirement allowance payable to contingent annuitants shall be
			 provided as options under Iowa Code section
			 97B.51(1).
			 Any option elected by a member under Iowa Code section
			 97B.51(1)
			  must comply with the requirements of the
			 Internal Revenue Code that apply to governmental pension plans, including but
			 not limited to Internal Revenue Code Section 401(a)(9). If a member is not
			 vested by years of service credit in IPERS, the benefit receivable will be
			 computed on a money purchase basis, with reference to annuity tables used by
			 IPERS in accordance with the member's age and option choice.
(2)
Reduction for early retirement
			 for regular class members.
a.
			 Effective July 1,1988, through December 31,2000, a member's benefit formula
			 will be reduced by .25 percent for each month the member's retirement precedes
			 the normal retirement date, as defined in Iowa Code section
			 97B.45
			 excluding section
			 97B.45(4).
			 The following are situations in which a member is considered to be taking early
			 retirement:
(1) If a member has not attained
			 the age of 65 in the member's first month of entitlement and has less than 20
			 years of service; or
(2) If a
			 member has not attained the age of 62 in the month of the member's retirement
			 and has 20 years of service.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 12 - Calculation of Monthly Retirement Benefits › Rule 495-12.2 - Initial Benefit Determination

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
			 initial monthly benefit for the retired member will be calculated utilizing the
			 wages that have been reported as of the member's retirement and subject to the
			 requirements of subrule 12.1(5). When the final quarter(s) of wages is reported
			 for the retired member, a recalculation of benefits will be performed by IPERS
			 to redetermine the member's benefit amount. In cases where the recalculation
			 determines that the benefit will be changed, the adjustment in benefits will be
			 made retroactive to the first month of entitlement. The wages for the "computed
			 year" shall not exceed the highest covered wage ceiling in effect during the
			 member's period of employment.
(2)
			 In cases where the member's final quarter's wages have been reported to IPERS
			 prior to retirement, the original benefit will be calculated utilizing all
			 available wages.
(3) The Option 1
			 death benefit amount cannot exceed the member's investment and cannot lower the
			 member's benefit below the minimum distribution required by federal
			 law.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 12 - Calculation of Monthly Retirement Benefits › Rule 495-12.3 - Hybrid Formula for Members With More Than One Type of Service Credit

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Eligibility.
Effective July 1, 1996, members having both
			 regular and special service (as defined in Iowa Code section
			 97B.1A(22)
			) shall receive the greater of the benefit amount calculated under this subrule
			 or the benefit amount calculated under the applicable nonhybrid benefit
			 formula.
a. Members who are vested by service
			 as defined in Iowa Code section 97B. 1 A(25)
"d"
may utilize
			 the hybrid formula.
b. The
			 following classes of members are not eligible for the hybrid formula:
(1) Members who have only regular service
			 credit.
(2) Members who have 22
			 years of special service credit.
(3) Members who have 30 years of regular
			 service.
(4) Members who are not
			 vested by service as defined in Iowa Code section
			 97B.1A(25)
"d."
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 12 - Calculation of Monthly Retirement Benefits › Rule 495-12.4 - Money Purchase Benefits

Current through Register Vol. 47, No. 3, July 24, 2024
(1) For
			 each member not vested by service as defined in Iowa Code section
			 97B.1A(25)
"d,"
a monthly annuity shall be determined by applying the
			 total member and employer's accumulated contributions as of the effective
			 retirement date to the annuity tables in use by the system according to the
			 member's age (or member's and contingent annuitant's ages, if
			 applicable).
(2) For each vested
			 member for whom the present value of future benefits under Option 2 is less
			 than the member reserve as of the effective retirement date, a monthly annuity
			 shall be determined by applying the member reserve to the annuity tables in use
			 by the system according to the member's age (or member's and contingent
			 annuitant's ages, if applicable).
(3) For calculations under subrule 12.4(1),
			 Options 2,3,4,5 and 6 shall be calculated by dividing the member's total
			 reserve by the applicable Option 2, 3, 4, 5 or 6 annuity factor taken from the
			 system's tables to determine the monthly amount. For calculations under subrule
			 12.4(2), Options 2, 3, 4, 5 and 6 shall be calculated by dividing the member
			 reserve by the applicable Option 2, 3,4, 5 or 6 annuity factor taken from the
			 system's tables to determine the monthly amount.
(4) For Option 1, the cost per $1,000 of
			 death benefit shall be determined according to the system's tables. That cost
			 shall be subtracted from the Option 3 monthly amount to determine the Option 1
			 monthly benefit amount. The Option 1 death benefit amount shall be reduced as
			 necessary so that the Option 1 monthly benefit amount is not less than one-half
			 of the Option 2 monthly benefit amount.
(5) For members retiring after June 30, 2012,
			 the money purchase benefit calculated pursuant to this rule shall be provided
			 to members who are not vested by service as defined in Iowa Code section
			 97B.1A(25)
"d."
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 12 - Calculation of Monthly Retirement Benefits › Rule 495-12.5 - Recalculation for a Member Aged 70

Current through Register Vol. 47, No. 3, July 24, 2024
A member remaining in covered employment after attaining the
				age of 70 years may receive a retirement allowance without terminating the
				covered employment. A member who is in covered employment, attains the age of
				70 and begins receiving a retirement allowance must terminate all covered
				employment before the member's retirement allowance can be recalculated to take
				into account service after the member's original FME. The termination of
				employment must be a true severance lasting at least 30 days. The formula to be
				used in recalculating such a member's retirement allowance depends on the date
				of the member's FME and the member's termination date, as follows:
If the member is receiving a retirement allowance with an FME
				prior to July 1, 2000, and terminates covered employment on or after January 1,
				2000, the member's retirement formula for recalculation purposes shall be the
				formula in effect at the time of the member's termination from covered
				employment or, if later, the date the member applies for a
				recalculation.
In all other cases, the recalculation for a member aged 70 who
				retires while actively employed shall use the retirement formula in effect at
				the time of the member's FME.
Payments under this rule shall begin no earlier than the month
				following the month of termination, upon IPERS' receipt of a member's
				application for recalculation. It is the member's responsibility to apply for
				the recalculation by completing and submitting the form specified by
				IPERS.
A member receiving a recalculation under this rule after June
				30, 2012, will have the member's average covered wage calculated as follows.
				IPERS will calculate the average high three covered wage as of June 30, 2012.
				IPERS will next calculate the average high five covered wage at the time of the
				member's termination from covered employment or, if later, the date the member
				applies for a recalculation. IPERS will determine the benefit amount based on
				the calculation that produces the greatest benefit to the
				member.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 12 - Calculation of Monthly Retirement Benefits › Rule 495-12.6 - Level Payment Choice for Special Service Members

Current through Register Vol. 47, No. 3, July 24, 2024
A level payment choice is created effective July 1, 2002. IPERS
				shall implement the level payment choice by preparing factors to convert
				nonhybrid IPERS Options 1, 2, 3, 4, and 5 to the level payment choice. The new
				benefit feature applies solely to special service members, and any reference to
				members in this rule shall only apply to special service members.
(1)
Member's social security
			 retirement amount.
Calculations of a member's level payment choice
			 shall be based on the member's social security retirement amount at age 62 as
			 verified by Social Security Administration statements provided by the member.
			 No adjustments shall be made if subsequent social security statements indicate
			 an increase in the age 62 social security retirement amount. Verification of
			 the social security benefits shall not precede the member's first month of
			 entitlement by more than 12 months.
(2)
Death benefit
			 assumptions.
In preparing level payment choice factors, IPERS shall
			 assume:
a. For IPERS Options 1 and 2, death
			 benefits under those options shall not be reduced as a result of a member's
			 attaining the age of 62 and having the member's monthly allowance reduced under
			 this rule.
b. For IPERS Options 4
			 and 5, IPERS shall assume that the contingent annuitant's or beneficiary's
			 monthly payments and death benefits, if any, prior to the date the member
			 attains, or would have attained, age 62 shall be based on the amount that was
			 payable to the member for periods before the member attains, or would have
			 attained, age 62. Beginning with the month after the month that the member
			 attains, or would have attained, age 62, a contingent annuitant's or
			 beneficiary's monthly payments and death benefits, except death benefits under
			 IPERS Options 1 and 2, shall be based on the reduced amount that would have
			 been payable to the member in the month after the month that the member
			 attained age 62.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 12 - Calculation of Monthly Retirement Benefits › Rule 495-12.8 - Actuarial Equivalent (AE) Payments

Current through Register Vol. 47, No. 3, July 24, 2024
(1) If a member aged 55 or older requests an
			 estimate of benefits which results in a monthly benefit amount under Option 2
			 of less than $50, the member shall receive, under Iowa Code section
			 97B.48(1),
			 a lump sum actuarial equivalent (AE) payment in lieu of a monthly benefit. Once
			 the AE payment has been paid to the member, the member shall not be entitled to
			 any further benefits based on the contributions included in the AE payment and
			 the employment period represented thereby. If the member later returns to
			 covered employment, any future benefits the member accrues shall be based
			 solely on the new employment period. If an estimate of benefits based on the
			 new employment period again results in any one of the options having a monthly
			 benefit amount of less than $50, the member may again elect to receive an AE
			 payment.
(2) If a member, upon
			 attaining the age of 70 or later, requests a retirement allowance without
			 terminating employment and the member's monthly benefit amount under Option 2
			 is less than $50, the member shall receive an AE payment based on the member's
			 employment up to, but not including, the quarter in which the application is
			 filed. When the member subsequently terminates covered employment, any benefits
			 due to the member will be based only on the period of employment not used in
			 computing the AE paid when the member first applied for a retirement allowance.
			 If an estimate of benefits based on the later period of employment again
			 results in a monthly benefit amount under Option 2 of less than $50, the member
			 shall receive another AE payment. However, a member who elects to receive an AE
			 payment upon or after attaining age 70 without terminating employment may not
			 elect to receive additional AE payments unless the member terminates all
			 covered employment for at least one full calendar month.
(3) An AE payment under this rule shall be
			 equal to the sum of the member's and employer's accumulated
			 contributions.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 12 - Calculation of Monthly Retirement Benefits › Rule 495-12.9 - Actuarial Equivalent (AE) Payments

Current through Register Vol. 47, No. 3, July 24, 2024
(1) If a member aged 55 or older requests an
			 estimate of benefits wliicli results in a monthly benefit amount under Option 2
			 of less than $50, the member shall receive, under Iowa Code section
			 97B.48(1),
			 a lump sum actuarial equivalent (AE) payment in lieu of a monthly benefit. Once
			 the AE payment has been paid to the member, the member shall not be entitled to
			 any further benefits based on the contributions included in the AE payment and
			 the employment period represented thereby. If the member later returns to
			 covered employment, any future benefits the member accrues shall be based
			 solely on the new employment period. If an estimate of benefits based on the
			 new employment period again results in any one of the options having a monthly
			 benefit amount of less than $50, the member may again elect to receive an AE
			 payment.
(2) If a member, upon
			 attaining the age of 70 or later, requests a retirement allowance without
			 terminating employment and the member's monthly benefit amount under Option 2
			 is less than $50, the member shall receive an AE payment based on the member's
			 employment up to, but not including, the quarter in which the application is
			 filed. When the member subsequently terminates covered employment, any benefits
			 due to the member will be based only on the period of employment not used in
			 computing the AE paid when the member first applied for a retirement allowance.
			 If an estimate of benefits based on the later period of employment again
			 results in a monthly benefit amount under Option 2 of less than $50, the member
			 shall receive another AE payment. However, a member who elects to receive an AE
			 payment upon or after attaining age 70 without terminating employment may not
			 elect to receive additional AE payments unless the member terminates all
			 covered employment for at least one full calendar month.
(3) An AE payment under this rule shall be
			 equal to the sum of the member's and employer's accumulated contributions and
			 the retirement dividends standing to the member's credit before December 31,
			 1966.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 12 - Calculation of Monthly Retirement Benefits › Rule 495-12.10 - Conforming Rules for Lump-sum Payments

Current through Register Vol. 47, No. 3, July 24, 2024
Effective January 1, 2007, IPERS may, notwithstanding certain
				provisions of Iowa Code section
				97B.53B
				enacted in order to comply with prior rollover provisions of the Internal
				Revenue Code, utilize forms and procedures affording payees of lump-sum
				distributions with broader rollover rights as permitted under the applicable
				roll-over provisions of the Internal Revenue Code as amended subsequent to the
				enactment of Iowa Code section
				97B.53B.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 13 - Disability for Regular and Special Service Members › Rule 495-13.1 - Disability for Persons Retiring Under Iowa Code Section 97b.50 (2)

Current through Register Vol. 47, No. 3, July 24, 2024
(1) For IPERS
			 members retiring because of a disability:
a.
			 The member must be awarded federal social security benefits due to a disability
			 which existed on or before the member's first month of entitlement.
b. Effective July 1,1990, the member may also
			 qualify for the IPERS disability provision by being awarded, and commencing to
			 receive, disability benefits through the federal Railroad Retirement Act,
			 45
			 U.S.C. Section 231 et seq., due to a
			 disability which existed at the time of retirement.
c. The period for which up to 36 months of
			 retroactive payments under Iowa Code section
			 97B.50(2)
			  shall be paid is for up to 36 months
			 preceding the month in which such completed application for IPERS disability is
			 received by IPERS. In no event shall retroactive disability benefits payments
			 under Iowa Code section
			 97B.50(2)
			  precede the month the member actually
			 receives the member's first social security or railroad retirement disability
			 payment. The member shall provide IPERS with a copy of the Social Security
			 Administration or railroad retirement award letter showing dates of
			 eligibility.
d. Continued
			 qualification monitoring.
(1) For a member
			 retiring due to a disability under Iowa Code section
			 97B.50(2),
			 on or after July 1, 2009, the member shall provide IPERS with proof of
			 continuing eligibility for federal social security disability benefits or
			 railroad retirement disability benefits by June 30 of each calendar year, in
			 order to continue qualification for IPERS disability benefits.
IPERS shall suspend the disability benefits of any member if
				the records required are not timely provided.
(2) The annual certification of continued
			 eligibility for federal social security disability benefits or railroad
			 retirement disability benefits is not required as of the calendar year the
			 member reaches normal retirement age as defined by Iowa Code section
			 97B.45, or
			 for special service members aged 55, or sheriffs and deputies aged 50 with 22
			 years of service.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 13 - Disability for Regular and Special Service Members › Rule 495-13.2 - Disability Claim Process for Special Service Members

Current through Register Vol. 47, No. 3, July 24, 2024
Except as otherwise indicated, this rule shall apply only to
				disability claims initiated under Iowa Code section
				97B.50A.
				Except as otherwise indicated, disability claims under Iowa Code section
				97B.50(2)
				 shall be administered under rule
				495-13.1 (97B).
(1)
Initiation of disability
			 claim.
The disability claim process shall originate as an application
			 to the system by the member. The application shall be forwarded to the system's
			 designated retirement benefits officer. An application shall be sent upon
			 request to members who qualify pursuant to Iowa Code section
			 97B.50A(13).
			 The application consists of the following sections which must be completed and
			 returned to the system's designated retirement benefits officer:
1. General applicant information.
2. Applicant's statement.
3. Employer's statement.
4. Member's assigned duties.
5. Disability/injury reports.
6. Medical information release.
Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 14 - Death Benefits and Beneficiaries › Rule 495-14.2 - Survival Into First Month of Entitlement

Current through Register Vol. 47, No. 3, July 24, 2024
When amember who has filed an application for retirement
				benefits and has survived into the first month of entitlement dies prior to the
				issuance of the first benefit check, IPERS will pay the death benefit allowed
				under the retirement option elected by the member in the application for
				retirement benefits.