Effective – 28 Aug 2001 50.1000. Definitions. — As used in sections 50.1000 to 50.1300, the following words and terms mean: (1) “Annuity”, annual payments, made in equal monthly installments, to a retired member from funds provided for in, or authorized by, the provisions of sections 50.1000 to 50.1300; (2) “Average final compensation”, the monthly […]
Effective – 28 Aug 2001 50.1010. Fund authorized, management — apportionment of benefits. — There is hereby authorized a “County Employees’ Retirement Fund” which shall be under the management of a board of directors described in section 50.1030. The board of directors shall be responsible for the administration and the investment of the funds of […]
Effective – 11 Jul 2002 50.1020. Source of funds, delinquent tax penalties — county assessor, duties — deposit of funds — payroll deduction. — 1. The board may accept gifts, donations, grants and bequests from private or public sources to the county employees’ retirement system fund. 2. No state moneys shall be used to fund […]
Effective – 28 Aug 2013, 2 histories 50.1030. Board of directors, election, appointment by the governor, term, powers, duties — chairman, secretary, meetings — advisors — audits — compensation, costs — record — annual review. — 1. The general administration and the responsibility for the proper operation of the fund and the system and the […]
Effective – 28 Aug 2005 50.1031. Benefit adjustments, required assets-to-liability ratio — frequency of adjustments — effective date of adjustments. — 1. No adjustments may be made until the fund has achieved a funded ratio of assets to the actuarial accrued liability equaling at least eighty percent. No benefit adjustment shall be adopted which causes […]
Effective – 28 Aug 1995 50.1032. Board to adopt rules for administration of retirement system. — Subject to the provisions of law, the board shall formulate and adopt rules and regulations for the government of its own proceedings and for the administration of the retirement system. ——– (L. 1995 H.B. 260, et al.)
Effective – 28 Aug 1997 50.1034. Correction of errors — false statements — benefits not paid to survivor or beneficiary who intentionally kills member. — 1. Should any error result in any member or beneficiary receiving more or less than he or she should have been entitled to receive had the error not occurred, the […]
Effective – 28 Aug 1997 50.1036. Errors, false statements, false records, consequences. — 1. Should any error result in any member or beneficiary receiving more or less than he or she should have been entitled to receive had the error not occurred, the board shall correct such error and, as far as practicable, make future […]
Effective – 28 Aug 1997 50.1038. Survivor or beneficiary charged with intentional killing of member, benefits suspended — conviction, benefits to cease — no conviction, effect. — The board of trustees of the county employees’ retirement system shall cease paying benefits to any survivor or beneficiary who is charged with the intentional killing of a […]
Effective – 11 Jul 2002 50.1040. Membership in system — payroll deduction for nonLAGERS members — opting out prohibited, exceptions — opting in, when. — 1. On and after January 1, 2000, as an incident to employment or continued employment, each person who has not previously opted out of the retirement system who is employed […]
Effective – 28 Aug 1994 50.1050. Normal annuity, qualifications. — Any member who has attained the age of sixty-two years may retire with a normal annuity with eight or more years of creditable service as a county employee. ——– (L. 1994 S.B. 579 § 6)
Effective – 01 Jan 2000 50.1060. Normal annuity, amount, limitation — board to recommend adjustments to formula. — 1. The normal annuity of a retired member who is not a member of LAGERS shall be a monthly benefit equal to the greater of: (1) Twenty-four dollars multiplied by years of creditable service, up to a […]
Effective – 01 Jan 2000 50.1070. Increase in benefits, limitation — determination — waiver of increase. — 1. Each member who retires on, before or after January 1, 2000, shall receive, beginning with the first year after retirement, an increase in the amount of benefits received by the member during the preceding year equal to […]
Effective – 28 Aug 1994 50.1080. What calculators apply. — For the purpose of calculating benefits of a member, years of service as an employee and twelfths of a year are to be used. ——– (L. 1994 S.B. 579 § 9)
Effective – 01 Jan 2000 50.1090. Creditable service — special consultant, duty, compensation — limitation — verification of records — refund of contributions, when. — 1. Unless otherwise provided, a member shall receive creditable service for the member’s entire period of service as a county employee. In addition, absences for sickness or injury of less […]
Effective – 01 Jan 2000 50.1100. Retirement, application, payment of annuity, restriction — exception, part-time work for county member may receive annuity, part-time work not to affect annuity. — Any member may retire at any time after the end of the month during which the member becomes eligible to retire pursuant to the provisions of […]
Effective – 28 Aug 2004 50.1110. Options in lieu of normal annuity, election — survivorship benefit. — 1. The normal annuity of a member shall be paid to a member during his or her lifetime. Upon the member’s death no further payments shall be made. 2. In lieu of the normal annuity otherwise payable to […]
Effective – 01 Jan 2000 50.1120. Death of beneficiary, reversion of normal annuity. — In the event a member has chosen an optional form of payment as provided in subsection 2 of section 50.1110 which provides for a continuing payment to a beneficiary after the death of the member in which the member received a […]
Effective – 28 Aug 2012 50.1130. Death benefit. — 1. Notwithstanding the provisions of section 50.1150 to the contrary, a death benefit of ten thousand dollars and, in the case of an active member who dies after December 31, 2002, and before becoming vested, an amount equal to the amount of the member’s accumulated contributions […]
Effective – 28 Aug 2012 50.1140. Termination of employment, forfeit of rights, refund — deferred annuity permanent, when — payment of accumulated contributions — restoration of creditable service. — 1. Upon termination of employment, any member with less than eight years of creditable service shall forfeit all rights in the fund, including the member’s accrued […]
