Iowa Admin. Code r. 661-402.213

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 661-402.213 - Method of calculating annual adjustment for members who retired prior to July 1, 2010

For members having retired before July 1,2010, there shall be an adjustment occurring on July 1 for which the following applicable amount shall be added to the member's monthly allowance:

(1) For members having retired on or after July 2, 2009, but before July 1, 2010, there shall be added to the monthly pension allowance the amount of $ 15. There shall be no other adjustment to the monthly allowance under the provisions of this rule until the adjustment provided in subrule 402.212(2) applies.

(2) For members having retired on or after July 2, 2008, but before July 2, 2009, no adjustment to the monthly allowance shall be made until the adjustment provided in subrule 402.212(2) applies.

(3) For members having retired on or after July 2, 2007, but before July 2, 2008, no adjustment to the monthly allowance shall be made until the adjustment provided in subrule 402.212(5) applies.

(4) For those members having retired on or before July 1, 2007, thus having received more than a total of $35 added to the monthly allowance, there shall be no additional adjustments made to monthly allowances. Adjustments having resulted in more than $35 added to the monthly allowance prior to July 1, 2010, shall not be considered overpayments, and the monthly allowances of members so affected shall not be reduced, nor shall members be required to repay any amount to the system.

Note: The following table summarizes the adjustments provided for in this rule.

	Retirement Date	July 1 Monthly Allowance Adjustment	Adjustment Date
	July 2, 2009 - June 30, 2010	$15.00	July 1, 2010
	July 2, 2008 -July 1,2009	$5.00	July 1, 2013
	July 2, 2007 -July 1,2008	$5.00	July 1, 2028
	Retired before July 2, 2007	$0.00	Not applicable

Iowa Admin. Code r. 661-402.213

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