97B.42C - RETIREMENT SYSTEM MERGER -- MUNICIPAL UTILITY RETIREMENT SYSTEM.
97B.42C RETIREMENT SYSTEM MERGER -- MUNICIPAL UTILITY
RETIREMENT SYSTEM.
A municipal water utility or waterworks that has established a
pension and annuity retirement system for its employees pursuant to
chapter 412 may adopt a resolution to authorize the merger of its
pension and annuity retirement system with and into the Iowa public
employees' retirement system. The system is authorized, but is not
required, to accept such a proposal. The governing body of the
municipal water utility or waterworks and the Iowa public employees'
retirement system shall, acting in their fiduciary capacities,
mutually determine the terms and conditions of such a merger,
including any additional funds necessary to fund the service credits
being transferred to the Iowa public employees' retirement system,
and either party may decline the merger if they cannot agree on such
terms and conditions. The system shall adopt such rules as it deems
necessary and prudent to effectuate mergers as provided by this
section. Section History: Recent Form
2002 Acts, ch 1135, §15; 2003 Acts, ch 44, §31; 2003 Acts, ch 145,
§286