352D.12 TRANSFER OF PRIOR SERVICE CONTRIBUTIONS.
(a) An employee who is a participant in the unclassified program and who has prior service
credit in a covered plan under chapter 352, 353, 354, 354A, or 422A may, within the time limits
specified in this section, elect to transfer to the unclassified program prior service contributions to
one or more of those plans.
(b) For participants with prior service credit in a plan governed by chapter 352, 353, 354,
354A, or 422A, "prior service contributions" means the accumulated employee and equal
employer contributions with interest at an annual rate of 8.5 percent compounded annually,
based on fiscal year balances.
(c) If a participant has taken a refund from a retirement plan listed in this section, the
participant may repay the refund to that plan, notwithstanding any restrictions on repayment to
that plan, plus 8.5 percent interest compounded annually and have the accumulated employee
and equal employer contributions transferred to the unclassified program with interest at an
annual rate of 8.5 percent compounded annually based on fiscal year balances. If a person repays
a refund and subsequently elects to have the money transferred to the unclassified program,
the repayment amount, including interest, is added to the fiscal year balance in the year which
the repayment was made.
(d) A participant electing to transfer prior service contributions credited to a retirement plan
governed by chapter 352, 353, 354, 354A, or 422A as provided under this section must complete
a written application for the transfer and repay any refund within one year of the commencement
of the employee's participation in the unclassified program.
History: 1Sp1985 c 7 s 9; 1992 c 432 art 2 s 1; 1992 c 598 art 1 s 12; 1998 c 366 s 74;
1998 c 390 art 6 s 1; 1Sp2005 c 8 art 10 s 37