Iowa Admin. Code r. 495-11.2
Current through Register Vol. 47, No. 6, September 18, 2024
Rule 495-11.2 - Retirement benefits and the age reduction factor(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), and2. 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.Iowa Admin. Code r. 495-11.2
ARC 8601B, lAB 3/10/10, effective 4/14/10Amended by IAB February 18, 2015/Volume XXXVII, Number 17, effective 3/25/2015Amended by IAB April 8, 2020/Volume XLII, Number 21, effective 5/13/2020Amended by IAB March 10, 2021/Volume XLIII, Number 19, effective 4/14/2021Amended by IAB April 17, 2024/Volume XLVI, Number 21, effective 5/22/2024