Iowa Admin. Code r. 661-402.301 - Determination of eligible service
(1)
Eligible qualified
service. "Eligible qualified service" means service as a member of a
city fire retirement system or police retirement system operating under Iowa
Code chapter 411 prior to January 1, 1992, for which service has not previously
been credited. Eligible qualified service does not include service if the
receipt of credit for such service would result in the member's receiving a
retirement benefit under more than one retirement plan for the same period of
service.
(2)
Permissive
service credit.
a. Permissive
service credit is credit that will be recognized by the system for purposes of
calculating a member's benefit, for which the member did not previously receive
service credit in the system, and for which the member voluntarily contributes
to the system the amount required by the system, not in excess of the amount
necessary to fund the benefit attributable to such service.
b. Permissive service credit shall be
calculated in years at the rate of one year of service for six months or more
of a year actually worked with no more than one year of service to be credited
for all service in one calendar year.
c. An active member may make contributions to
the system to purchase up to the maximum amount of permissive service credit
for eligible qualified service as determined by the system, pursuant to
Internal Revenue Code Section 415(n).
Notes
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