Iowa Admin. Code r. 661-402.302 - Determination of cost to member
(1)
Determination of service credit.
A member may determine the amount of permissive service credit, which
shall be documented on a form provided by the secretary. Such documentation
shall include the notarized certification by an official of the city or agency
that employed the member and shall include periods of service and member
retirement contributions to the former system during the indicated time of
service. In the event member contribution information is not available from the
employing city or agency, documentation may be provided in another form
acceptable to the board. Acceptable documentation may include, but is not
limited to, IRS form W-2, Social Security earnings statements, pay stubs or
Iowa tax form 1040 or 1040A.
(2)
Actuarial cost quote of permissive service credit.
a. A member may submit certification of
service credit to the secretary to obtain a cost quote of permissive
service.
b. The secretary shall
review and verify the submitted certification of service credit to ensure that
the requirements of subrule 402.302(1) have been met.
c. When service credit has been verified, the
secretary shall submit a request to the actuary contracted by the system to
determine the cost to purchase permissive service credit.
d. A member may request cost quotes to
purchase permissive service credit for a maximum of two time periods at no cost
to the member.
e. If a member
requests a third or subsequent cost quote, the member shall be required to pay
for the cost of the quote.
f. A
second or subsequent cost quote for the same period of permissive service
credit shall replace all previous cost quotes for that time period.
g. If the requirements of subrule 402.302(1)
cannot be verified, the request for a cost quote shall not be submitted to the
actuary but rather shall be referred to the board for review at the next
regularly scheduled meeting.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.