Section 18451-A - Qualification for benefits for members covered under chapter 427Qualification for service retirement benefits for a member covered under chapter 427 is governed by subsection 1 or 2, unless the requirements of a special plan, as established by the board by rule, have been met. [2013, c. 391, §10(NEW).]
1.Members prior to July 1, 2014. Qualification for a service retirement benefit for a member covered under chapter 427 who was a member of a plan provided under chapter 427 prior to July 1, 2014 is governed by section 18451. [2013, c. 391, §10(NEW).]
2.Members after June 30, 2014. Qualification for a service retirement benefit for a member who is first covered under chapter 427 after June 30, 2014 is governed as follows. A. A member who is in service when reaching 65 years of age, or is in service after reaching 65 years of age, qualifies for a service retirement benefit if the member: (1) Retires upon or after reaching 65 years of age and has been in service for a minimum of one year immediately before retirement; or(2) Has at least 5 years of creditable service, which, for the purposes of determining completion of the 5-year requirement, may include creditable service as a member of the Legislative Retirement Program. [2013, c. 588, Pt. E, §4(AMD).]B. A member who is not in service when reaching 65 years of age qualifies for a service retirement benefit if the member:(1) Retires upon or after reaching 65 years of age; and(2) Has at least 5 years of creditable service, which, for the purposes of determining completion of the 5-year requirement, may include creditable service as a member of the Legislative Retirement Program. [2013, c. 391, §10(NEW).]C. A member, whether or not in service at retirement, who has completed 25 or more years of creditable service qualifies for a service retirement benefit if the member retires at any time after completing 25 years of service, which may include, for the purpose of meeting eligibility requirements, creditable service as a member of the Legislative Retirement Program. [2013, c. 391, §10(NEW).] [2013, c. 588, Pt. E, §4(AMD).]
Amended by 2014, c. 588,§ E-4, eff. 4/30/2014.Added by 2013, c. 391,§ 10, eff. 10/9/2013.