Iowa Admin. Code r. 661-402.303

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 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.

Iowa Admin. Code r. 661-402.303

ARC 8935B, IAB 7/14/10, effective 7/1/10