411.35 Statewide system established — city systems terminated. 1. Effective January 1, 1992, a single statewide fire and police retirement system is established to replace the individual city fire retirement systems and police retirement systems operating under this chapter prior to that date. Each city fire retirement system and police retirement system operating under this […]
411.36 Board of trustees for statewide system. 1. a. A board of trustees for the statewide fire and police retirement system is created. The board shall consist of thirteen members, including nine voting members and four nonvoting members. The voting members shall be as follows: (1) Two fire fighters from different participating cities, one of […]
411.37 Board responsible for transition. 1. The board of trustees for the statewide system is responsible for effecting the transition from the city fire and police retirement systems to the statewide fire and police retirement system. The board shall adopt a transition plan and other appropriate transition documents it deems necessary to accomplish the transition […]
411.38 Obligations of participating cities. 1. Upon the establishment of the statewide system, each city participating in the statewide fire and police retirement system shall do all of the following: a. Pay to the statewide system the normal contribution rate provided pursuant to section 411.8. b. (1) Transfer from each terminated city fire or police […]
411.39 Benefits for employees of the board of trustees for the statewide system. 1. As used in this section, unless the context otherwise requires: a. “Benefit programs” mean the state life insurance program, the state health or medical insurance program, and the state employees disability program administered by the department of administrative services. b. “Employees” […]
411.4 Service creditable. 1. Service for fewer than six months of a year is not creditable as service. Service of six months or more of a year is equivalent to one year of service, but in no case shall more than one year of service be creditable for all service in one calendar year, nor […]
411.40 Voluntary benefit programs. The board of trustees may establish voluntary benefit programs for members subject to the following conditions: 1. The voluntary benefit programs may provide benefits including, but not limited to, retiree health benefits, long-term care, and life insurance. 2. Participation in the voluntary benefit programs by members shall be voluntary. 3. Contributions […]
411.5 Administration. 1. Board. The general responsibility for the establishment and proper operation of the retirement system is vested in the board of trustees created by section 411.36. The system shall be administered under the direction of the board. 2. Compensation. The trustees, other than the secretary, shall serve without compensation, but they shall be […]
411.6 Benefits. 1. Service retirement benefit. Retirement of a member on a service retirement allowance shall be made by the system as follows: a. Any member in service may retire upon written application to the system, setting forth at what time, not less than thirty nor more than ninety days subsequent to the execution and […]
411.6A Optional retirement benefits. 1. In lieu of the payment of a service retirement allowance under section 411.6, subsection 2, and the payment of a pension to the spouse of a deceased pensioned member under section 411.6, subsection 11, a member may select an option provided under this section. The board of trustees shall adopt […]
411.6B Rollovers of members’ accounts. 1. As used in this section, unless the context otherwise requires, and to the extent permitted by the internal revenue service: a. “Direct rollover” means a payment by the system to the eligible retirement plan specified by the member or the member’s surviving spouse, or the member’s alternate payee under […]
411.6C Deferred retirement option plan. 1. For purposes of this section, unless the context otherwise requires: a. “Applicable percentage” means that percentage, not greater than one hundred percentage points, equal to fifty-two percentage points plus two percentage points for each month for the period between the eligible member’s plan eligibility month and the month the […]
411.7 Management of fund. 1. The board of trustees is the trustee of the fire and police retirement fund created in section 411.8 and shall annually establish an investment policy to govern the investment and reinvestment of the moneys in the fund, subject to the terms, conditions, limitations, and restrictions imposed by subsection 2 and […]
411.8 Method of financing. All the assets of the retirement system created and established by this chapter shall be credited to the fire and police retirement fund, which is hereby created. As used in this section, “fund” means the fire and police retirement fund. 1. All moneys for the payment of all pensions and other […]
411.9 Military service exceptions. 1. A member who is absent while serving in the armed services of the United States or its allies and is discharged or separated from the armed services under honorable conditions shall have the period or periods of absence while serving in the armed services, not in excess of four years […]
