Iowa Admin. Code r. 661-402.212 - Method of calculating annual adjustment for members who retire on or after July 1, 2010
For members retiring on or after July 1, 2010, there shall be an adjustment occurring on July 1 for which the following applicable amount shall be added to the member's monthly allowance:
(1) On the first July 1 following the
retirement of a member, there shall be added to the monthly allowance the
amount of $15. There shall be no other adjustment to the monthly allowance
under the provisions of this rule until the adjustment provided in subrule
402.212(2) applies.
(2) An
additional $5 shall be added to the member's monthly allowance when the
member's retirement date was at least five years, but less than ten years,
prior to the effective date of the adjustment, the total adjustment to the
member's monthly allowance then being $20. There shall be no other adjustment
to the monthly allowance under the provisions of this rule until the adjustment
provided in subrule 402.212(3) applies.
(3) An additional $5 shall be added to the
member's monthly allowance when the member's retirement date was at least 10
years, but less than 15 years, prior to the effective date of the adjustment,
the total adjustment to the member's monthly allowance then being $25. There
shall be no other adjustment to the monthly allowance under the provisions of
this rule until the adjustment provided in subrule 402.212(4)
applies.
(4) An additional $5 shall
be added to the member's monthly allowance when the member's retirement date
was at least 15 years, but less than 20 years, prior to the effective date of
the adjustment, the total adjustment to the member's monthly allowance then
being $30. There shall be no other adjustment to the monthly allowance under
the provisions of this rule until the adjustment provided in subrule 402.212(5)
applies.
(5) An additional $5 shall
be added to the member's monthly allowance when the member's retirement date
was at least 20 years prior to the effective date of the adjustment, the total
adjustment to the member's monthly allowance then being $35.
Notes
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