1. An active or inactive vested member, who is or has been employed in both special service and regular service, who retires on or after July 1, 1996, who is vested by service, and who at the time of retirement is at least fifty-five years of age, may elect to receive, in lieu of the receipt of a monthly retirement allowance as calculated pursuant to sections 97B.49A through 97B.49C, a combined monthly retirement allowance equal to the sum of the following:

 a. One-twelfth of an amount equal to the applicable percentage of the member’s final average covered wage multiplied by a fraction of years of service. The fraction of years of service for purposes of this paragraph shall be the actual years of service, not to exceed thirty, for which regular service contributions were made, divided by thirty. However, any otherwise applicable age reduction for early retirement shall apply to the calculation under this paragraph.
 b. One-twelfth of an amount equal to the applicable percentage of the member’s three-year average covered wage multiplied by a fraction of years of service. The fraction of years of service for purposes of this paragraph shall be the actual years of service, not to exceed the applicable years of service for the member as defined in section 97B.49B, earned in a position described in section 97B.49B, for which special service contributions were made, divided by the applicable years of service for the member as defined in section 97B.49B. In calculating the fractions of years of service under the paragraph, a member shall not receive special service credit for years of service for which the member and the member’s employer did not make the required special service contributions to the system.
 c. One-twelfth of an amount equal to the applicable percentage of the member’s three-year average covered wage multiplied by a fraction of years of service. The fraction of years of service for purposes of this paragraph shall be the actual years of service, not to exceed twenty-two, earned in a position described in section 97B.49C, for which special service contributions were made, divided by twenty-two. In calculating the fractions of years of service under this paragraph, a member shall not receive special service credit for years of service for which the member and the member’s employer did not make the required special service contributions to the system.
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Terms Used In Iowa Code 97B.49D

  • Contributions: means the payments to the fund required herein, by the employer and by the members, to provide the benefits of the retirement system. See Iowa Code 97B.1A
  • Employer: means the state of Iowa, the counties, municipalities, agencies, public school districts, all political subdivisions, and all of their departments and instrumentalities, including area agencies on aging, other than those employing persons as specified in subsection 8, paragraph "b" subparagraph (7), and joint planning commissions created under chapter 28E or 28I. See Iowa Code 97B.1A
  • Final average covered wage: means the greater of the following:
     a. See Iowa Code 97B.1A
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Member: means an employee or a former employee who maintains the employee's or former employee's accumulated contributions in the retirement system. See Iowa Code 97B.1A
  • Membership service: means service rendered by a member after July 4, 1953. See Iowa Code 97B.1A
  • Regular service: means service for an employer other than special service. See Iowa Code 97B.1A
  • Retirement: means that period of time beginning when a member who has filed an approved application for a retirement allowance has survived into at least the first day of the member's first month of entitlement and ending when the member dies. See Iowa Code 97B.1A
  • Service: means service under this chapter by an employee, except an elected official, for which the employee is paid covered wages. See Iowa Code 97B.1A
  • Special service: means service for an employer while employed in a protection occupation as provided in section 97B. See Iowa Code 97B.1A
  • System: means the Iowa public employees' retirement system. See Iowa Code 97B.1
  • Three-year average covered wage: means a member's covered wages averaged for the highest three years of the member's service, except as otherwise provided in this subsection. See Iowa Code 97B.1A
  • Vested by service: means a member who meets one of the following requirements:
     (1) Prior to July 1, 1965, had attained the age of forty-eight and completed at least eight years of service. See Iowa Code 97B.1A
 2. In calculating the combined monthly retirement allowance pursuant to subsection 1, the sum of the fraction of years of service provided in subsection 1, paragraphs “a”, “b”, and “c”, shall not exceed one. If the sum of the fractions of years of service would exceed one, the system shall deduct years of service first from the calculation under subsection 1, paragraph “a”, and then from the calculation under subsection 1, paragraph “b”, if necessary, so that the sum of the fractions of years of service shall equal one.
 3. In calculating the combined monthly retirement allowance pursuant to subsection 1, the applicable percentage shall be sixty percent plus, if applicable, an additional one-fourth of one percentage point for each additional calendar quarter of membership service in service as described in subsection 1, paragraph “a”, “b”, or “c”, beyond thirty years of service, not to exceed a total of five additional percentage points. Any addition in the percentage multiplier shall be included in the calculations required under this section.
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