Iowa Admin. Code r. 661-402.303 - Application process
(1)
Actuarial cost quote of permissive service credit. When made
available to the secretary by the actuary, the cost quote shall be forwarded to
the member promptly. Such delivery may be made through electronic mail,
facsimile transmission, regular mail, or personal service. The cost quote of
permissive service credit shall remain valid for six months from the date of
the cost quote unless replaced by a subsequent cost quote for the same time
period of permissive service credit.
(2)
Submission of application to
purchase permissive service credit. The member may submit to the
secretary an application to purchase years of permissive service credit in an
amount no greater than the maximum certified years of permissive service credit
at a rate quoted by the actuary less an amount equal to the member's
contributions pursuant to Iowa Code chapter 411 for the period of eligible
qualified service together with interest at a rate determined by the board.
Full payment in the form of a check or money order payable to the Peace
Officers' Retirement, Accident, and Disability System, or certification of
intent to pay through a qualified plan, or a combination thereof, shall
accompany the application to purchase permissive service credit. Contributions
shall be made by the member within the six-month period the quote is
valid.
(3)
Acceptance of
application to purchase permissive service credit. If the application
is accepted, the secretary shall deposit the full payment into the system's
account and shall adjust the member's years of service and contributions to
reflect the purchase of service. Prior to the receipt of full payment, the
secretary shall make no adjustment to the member's years of service or
contributions.
(4)
Rejection of application to purchase permissive service
credit. If the application is rejected, the secretary shall refer the
rejected application 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.