602.9107C Iowa public employees’ retirement system — service credit.
1. A judge under this system who has at least four years of service as a judge of any of the courts included in this article and who was a member of the Iowa public employees’ retirement system as provided in chapter 97B, but who was not retired under that system, upon submitting verification of membership and service in the Iowa public employees’ retirement system to the court administrator, including proof that the judge has no further claim upon a retirement benefit from that public system, may make contributions as provided by this section to the system either for the entire period of service in the other public system, or for partial service in the other public system in increments of one or more calendar quarters, and receive credit for that service under the system.
2. The contributions required to be made for purposes of this section shall be in an amount equal to the actuarial cost of the service purchase. For purposes of this subsection, the actuarial cost of the service purchase is an amount determined by the court administrator in accordance with actuarial tables, as reported to the court administrator by the system’s actuary, which reflects the actuarial cost necessary to fund an increased retirement annuity resulting from the purchase of additional service.
3. A judge eligible for an increased retirement annuity because of the payment of contributions under this section is entitled to receipt of retroactive adjustment payments for no more than six months immediately preceding the month in which the judge pays contributions under this section.
4. The court administrator shall ensure that the judge, in exercising an option provided in this section, does not exceed the amount of annual additions to a judge’s account permitted pursuant to section 415 of the Internal Revenue Code.
2002 Acts, ch 1135, §55; 2006 Acts, ch 1091, §17