97.51 - SPECIAL FUND CREATED -- REFUNDS.
97.51 SPECIAL FUND CREATED -- REFUNDS.
There is hereby created as a special fund, separate and apart from
all other public moneys or funds of this state, the "Iowa Old-Age
and Survivors' Insurance Liquidation Fund", this fund to consist of
all unexpended moneys collected under the provisions of chapter 97,
Code 1950, as amended, together with all interest thereon, and also
to include all securities and other assets acquired by and through
the use of the moneys belonging to the Iowa old-age and survivors'
insurance trust fund, and any other moneys that may be paid into this
fund. There is hereby transferred to the Iowa old-age and survivors'
insurance liquidation fund all funds and assets of the old-age and
survivors' insurance trust fund created by the provisions of section
97.5, Code 1950. There shall also be deposited in the Iowa old-age
and survivors' insurance liquidation fund all receipts after June 30,
1953, as a result of the collection of taxes or other moneys, as
provided by section 97.8, Code 1950.
1. The treasurer of state is the custodian and trustee of this
fund and shall administer the fund in accordance with the directions
of the Iowa public employees' retirement system created in section
97B.1. It is the duty of the trustee:
a. To hold said trust funds.
b. Under the direction of the system and as designated by the
system, invest such portion of said trust funds as are not needed for
current payment of benefits, in interest-bearing securities issued by
the United States, or interest-bearing bonds issued by the state of
Iowa, or bonds issued by counties, school districts or general
obligations or limited levy bonds issued by municipal corporations in
this state as authorized by law; also to sell and dispose of same
when needed for the payment of benefits.
c. To disburse the trust funds upon warrants drawn by the
director of the department of administrative services pursuant to the
order of the system.
2. All moneys which are paid or deposited into this fund are
hereby appropriated and made available to the system to be used only
for the purposes herein provided:
a. To be used by the system for the payment of claims for
benefits.
b. To be used by the system for the payment in accordance
with any agreement with the federal social security administration of
amounts required to obtain retroactive federal social security
coverage of Iowa public employees, dating from January 1, 1951, and
for the payment of refunds which were authorized by the provisions of
section 97.7, Code 1950, and for the payment of such other refunds to
employees as may be authorized by the general assembly, and such
other purposes as may be authorized by the general assembly.
3. The system shall administer the Iowa old-age and survivors'
insurance liquidation fund and shall also administer all other
provisions of this chapter.
4. Any public employee subject to coverage under the provisions
of chapter 97, Code 1950, as amended, in public service as of June
30, 1953, and who has not applied for and qualified for benefit
payments under the provisions of chapter 97, Code 1950, as amended,
who had contributed to the Iowa old-age and survivors' insurance fund
prior to the repeal of chapter 97, Code 1950, as amended, shall be
entitled to a refund of contributions paid into the Iowa old-age and
survivors' insurance fund by such employee without interest, but
there shall be deducted from the amount of any such refund any amount
which has been or will be paid in the employee's behalf as the
employee's contribution as an employee to obtain retroactive federal
social security coverage. Any former public employee not in public
service as of June 30, 1953, who has contributed to the Iowa old-age
and survivors' insurance fund, the employee's beneficiaries or
estate, when no benefit has been paid under chapter 97, Code 1950,
based upon such employee's prior record, shall be entitled to a
refund of seventy-five percent of all contributions paid by the
employee into said fund, without interest. The system shall
prescribe rules in regard to the granting of such refunds. In the
event of such refund any individual receiving the same shall be
deemed to have waived any and all rights in behalf of the individual
or any beneficiary or the individual's estate to further benefits
under the provisions of chapter 97, Code 1950, as amended.
5. Any employee in public service as of June 30, 1953, may, in
lieu of receiving the cash refund of the employee's contributions,
elect to come under the coverage of any new retirement system which
may be created by the general assembly, to which the employee is
eligible, with credits toward future benefits in consideration of the
employee's prior contributions and length of service, and may direct
the transfer of the amount payable to the employee to the assets of
such new retirement system.
6. In the payment of any benefits in the future, as a result of
the provisions of chapter 97, Code 1950, as amended, the system shall
follow the same procedure as provided by chapter 97, Code 1950, as
amended, as though said chapter had not been repealed, except the
requirements of subsection 4, paragraph "a", and subsection 5 of
section 97.21, Code 1950, shall not be applicable, but no primary
benefit, based upon employment prior to June 30, 1953, shall be paid
to any individual for any month during which the individual receives
compensation for work in any position which would have been subject
to coverage under the provisions of chapter 97, Code 1950, as
amended, if the individual's earnings for such month exceed one
hundred dollars, nor shall any benefit be paid to a wife or dependent
of such employee for such months, except that after a retired member
reaches the age of seventy-two years, the member, the member's wife
and dependents shall be entitled to the benefits of this chapter
regardless of the amount earned.
7. Beginning July 1, 1975, any person receiving benefits under
the provisions of chapter 97, Code 1950, as amended, shall receive a
monthly increase in benefits equal to one hundred percent of the
monthly benefits received for June 1975 or for which the person was
eligible to receive for June 1975. Any person who becomes eligible
for benefits under chapter 97, Code 1950, on or after July 1, 1975,
shall receive the same percentage increase.
8. a. Effective July 1, 1980, a person receiving benefits, or
who becomes eligible to receive benefits, on or after July 1, 1980,
under this chapter, shall receive the monthly increase in benefits
provided in section 97B.49G, subsection 3, paragraph "a".
b. There is appropriated from the general fund of the state
to the Iowa old-age and survivors' insurance liquidation fund from
funds not otherwise appropriated an amount sufficient to finance the
provisions of this subsection.
9. a. Effective July 1, 1984, a person receiving benefits, on
or after July 1, 1984, under this chapter, shall receive a monthly
increase in benefits equal to ten percent of the monthly benefits
received for June 1984 or which the person was eligible to receive
for June 1984, except as otherwise provided in this subsection. A
person who becomes eligible for benefits under chapter 97, Code 1950,
on or after July 1, 1984, shall receive the ten percent increase.
b. A person eligible to receive benefits under this chapter
on June 30, 1984, may elect in writing to the Iowa department of job
service{ not to receive the monthly benefit increase granted in this
subsection.
c. There is appropriated annually from the general fund of
the state to the Iowa old-age and survivors' insurance liquidation
fund from funds not otherwise appropriated an amount sufficient to
pay the benefit increases provided in this subsection.
10. a. Effective July 1, 1992, a person receiving benefits,
on or after July 1, 1992, under this chapter, shall receive a monthly
increase in benefits of ten dollars per month. A person who becomes
eligible for benefits under chapter 97, Code 1950, on or after July
1, 1992, shall receive the ten dollar increase.
b. There is appropriated annually from the general fund of
the state to the Iowa old-age and survivors' insurance liquidation
fund from funds not otherwise appropriated an amount sufficient to
pay the benefit increases provided in this subsection. Section History: Early Form
[C46, 50, § 97.5, 97.7--97.9, 97.12, 97.23, 97.35; C54, 58, 62,
66, 71, 73, 75, 77, 79, 81, § 97.51] Section History: Recent Form
84 Acts, ch 1285, § 1; 86 Acts, ch 1245, § 242; 92 Acts, ch 1201,
§1; 98 Acts, ch 1183, §8; 2003 Acts, ch 145, §165, 166, 286; 2005
Acts, ch 19, §27, 28; 2005 Acts, ch 179, §111; 2008 Acts, ch 1032,
§201
Referred to in § 97.53, 97B.1A, 97B.42, 97B.43, 97B.56, 97C.14
{Department of workforce development, chapter 84A, is the
successor agency