Current through Register Vol. 47, No. 13, December 25, 2024
(1)
Normal
retirement.
a. A member shall be
eligible for monthly retirement benefits with no age reduction effective with
the first of the month in which the member attains the age of 65, if otherwise
eligible.
b. Effective July 1,
1998, a member shall be eligible for full monthly retirement benefits with no
age reduction effective with the first of the month in which the member attains
the age of 62, if the member has 20 full years of service and is otherwise
eligible.
c. Effective July 1,
1997, a member shall be eligible to receive monthly retirement benefits with no
age reduction effective the first of the month in which the member's age on the
last birthday and the member's years of service equal or exceed 88, provided
that the member is at least the age of 55 and is otherwise eligible.
(2)
Early
retirement. A member shall be eligible to receive benefits for early
retirement effective with the first of the month in which the member attains
the age of 55 or the first of any month after attaining the age of 55 before
the member's normal retirement date, provided the date is after the last day of
service and the member is otherwise eligible.
(3)
Aged 70 and older
retirees. A member shall be eligible to receive monthly retirement
benefits with no age reduction effective with the first day of the month in
which the member attains the age of 70, even if the member continues to be
employed.
(4)
Required
beginning date.
a. Notwithstanding
the foregoing, IPERS shall commence payment of a member's retirement benefit
under Iowa Code sections
97B.49A to
97B.49I (under Option 2) no
later than the required beginning date, even if the member has not submitted
the application for benefits. If the lump sum actuarial equivalent could have
been elected by the member, payments shall be made in such a lump sum rather
than as a monthly allowance. The "required beginning date" is defined as the
later of:
(1) April 1 of the year following
the year that the member attains the applicable age, determined as follows:
1. For members who turned age 72 before 2023,
the applicable age is age 72 (or age 70 1/2 if they were born before July
1, 1949), and
2. For members who
will turn age 72 after 2022 and age 73 before 2033, the applicable age is age
73; or
(2) April 1 of
the year following the year that the member actually terminates all employment
with employers covered under Iowa Code chapter 97B.
b. If IPERS distributes a member's benefits
without the member's consent in order to begin benefits on or before the
required beginning date, the member may elect to receive benefits under an
option other than the default option described above, or as a refund, if the
member contacts IPERS in writing within 60 days of the first mandatory
distribution. IPERS shall inform the member which adjustments or repayments are
required in order to make the change.
c. If a member cannot be located to commence
payment on or before the required beginning date described above, the member's
benefit shall be forfeited. However, if a member later contacts IPERS and
wishes to file an application for retirement benefits, the member's benefits
shall be reinstated.
d. For
purposes of determining benefits, the life expectancy of a member, a member's
spouse, or a member's beneficiary shall not be recalculated after benefits
commence.
e. If an IPERS member has
a qualified domestic relations order (QDRO) on file when a mandatory
distribution is required, and the QDRO requires the member to choose a specific
retirement option, IPERS shall pay benefits under the option required by the
order.
(5)
Mandatory distribution of small inactive accounts. As soon as
practicable after July 1, 2004, IPERS shall distribute small inactive accounts
to members and beneficiaries as authorized in Iowa Code section
97B.48(5).
(6)
Federal tax code limitation for
selection of survivor percentages for same gender spouses. Rescinded
IAB 2/19/14, effective 3/26/14.
