Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 11 - Application For, Modification Of, and Termination of Benefits › Rule 495-11.6 - Payment Processing and Administration

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Monthly
			 paper warrants processing fee.
Effective July 1, 2005, IPERS shall
			 charge a $1 per-warrant processing fee to members who choose to receive paper
			 warrants in lieu of electronic deposits of their monthly retirement allowance.
			 The fee may be waived if the person establishes that it would be an undue
			 hardship for the person to do what is necessary to receive payment of the
			 person's IPERS monthly retirement allowance by electronic deposit. The
			 processing fee will be deducted from the member's retirement allowance on a
			 posttax basis.
For purposes of this subrule, a member claiming undue hardship
				must establish that the cost normally assessed for the processing of paper
				warrants would be unduly burdensome because of the member's limited income, or
				is otherwise financially burdensome or physically impracticable.
(2)
Repeated requests for
			 replacement warrants.
Effective July 1, 2002, for a member or
			 beneficiary who, due to the member's or beneficiary's own actions or inactions,
			 has benefits warrants replaced twice in a six-month period, except when the
			 need for a replacement warrant is caused by IPERS' failure to mail to the
			 address specified by the recipient, payment shall be suspended until such time
			 as the recipient establishes a direct deposit account in a bank, credit union
			 or similar financial institution and provides IPERS with the information
			 necessary to make electronic transfer of said monthly payments. Persons subject
			 to said cases may be required to provide a face-to-face interview and
			 additional documentation to prove that such a suspension would result in an
			 undue hardship.
(3)
Forgery
			 claims.
When a forgery of a warrant issued in payment of an IPERS
			 refund or benefit is alleged, the claimant must complete and sign an affidavit
			 before a notary public that the endorsement is a forgery. A supplementary
			 statement must be attached to the affidavit setting forth the details and
			 circumstances of the alleged forgery.
(4)
Rollover fees.
Effective
			 January 1, 2007, if the recipient of a lump-sum distribution which qualifies to
			 be rolled over requests that a rollover be made to more than one IRA or other
			 qualified plan, IPERS may assess a $5 administrative fee for each additional
			 rollover beyond the first one. The fee will be deducted from the gross amount
			 of each distribution, less federal and state income tax.
(5)
Offsets against amounts
			 payable.
IPERS may, with or without consent and upon reasonable proof
			 thereof, offset amounts currently payable to a member or the member's
			 designated beneficiaries, heirs, assigns or other successors in interest by the
			 amount of IPERS benefits paid in error to or on behalf of such member or the
			 member's designated beneficiaries, heirs, assigns or other successors in
			 interest.
(6)
Lump sum
			 paper warrants processing fee.
Effective April 1, 2012, and
			 thereafter, IPERS shall charge $1 for paper warrants issued in payment of all
			 nonrecurring lump sum distributions. If a nonrecurring lump sum distribution is
			 followed by a supplemental lump sum distribution due to the reporting of
			 additional covered wages, the $1 processing fee shall also be charged. This $1
			 processing fee shall not apply to a direct rollover described under Iowa Code
			 section 97B.53B (however, processing
			 fees may be charged for multiple rollover requests), lump sum mandatory account
			 distributions required under Iowa Code section
			 97B.48(5),
			 mandatory lump sum distributions required under Internal Revenue Code Section
			 401(9), or warrants reissued in forged endorsement or other fraudulent payment
			 situations.