411.31 - OPTIONAL TRANSFERS WITH CHAPTER 97A.

        411.31  OPTIONAL TRANSFERS WITH CHAPTER 97A.         1.  For purposes of this section, unless the context otherwise      requires:         a.  "Average accrued benefit" means the average of the amounts      representing the present value of the accrued benefit earned by the      member determined by the former system and the present value of the      accrued benefit earned by the member determined by the current      system.         b.  "Current system" means the eligible retirement system in      which a person has commenced employment covered by the system after      having terminated employment covered by the former system.         c.  "Eligible retirement system" means the system created      under this chapter and the Iowa department of public safety peace      officers' retirement, accident, and disability system established in      chapter 97A.         d.  "Former system" means the eligible retirement system in      which a person has terminated employment covered by the system prior      to commencing employment covered by the current system.         e.  "Refund liability" means the amount the member may elect      to withdraw from the former system under section 97A.16.         2.  Commencing July 1, 1996, a vested member of an eligible      retirement system who terminates employment covered by one eligible      retirement system and, within one year, commences employment covered      by the other eligible retirement system may elect to transfer the      greater of the average accrued benefit or refund liability earned      from the former system to the current system.  The member shall file      an application with the current system for transfer of the greater of      the average accrued benefit or refund liability within ninety days of      the commencement of employment with the current system.         3.  Notwithstanding subsection 2, a vested member whose employment      with the current system commenced prior to July 1, 1996, may elect to      transfer the average accrued benefit earned under the former system      to the current system by filing an application with the current      system for transfer of the average accrued benefit on or before July      1, 1997.         4.  Upon receipt of an application for transfer as provided in      this section, the current system shall calculate the average accrued      benefit and the refund liability and the former system shall transfer      to the current system assets in an amount equal to the greater of the      average accrued benefit or refund liability.  Once the transfer is      completed, the member's service under the former system shall be      treated as membership service under the current system for purposes      of this chapter and chapter 97A.  
         Section History: Recent Form
         96 Acts, ch 1187, §105; 2002 Acts, ch 1135, §52, 53; 2004 Acts, ch      1103, §69--71